IRS Issues New Guidance on FBAR Penalties

The Internal Revenue Service has released new guidance on penalties for failing to file a foreign bank account report, capping the maximum percentage of the penalty and providing new requirements for documentation and approval by IRS examiners. In a memorandum last month from three commissioners in charge of various divisions of the IRS, they wrote,…

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IRS to Refund RTRP Test Fees

The IRS is refunding test fees to those who took the Registered Tax Return Preparer test. The agency plans to mail “RTRP Refund Notification” letters to people who are due a refund before the end of May. Refund checks will be mailed separately, starting approximately June 2, 2015. The IRS cited the recent federal Appeals…

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Past Preparers’ Biggest Goofs This Season

No doubt a good portion of your overwhelming workload over the past tax season involved correcting goofs from clients’ previous tax preparers. Mistakes seem to run the gamut from typos to tangibles, from basics to basis. “Depreciation: It’s crazy how many mistakes I see,” said Enrolled Agent Jeffrey Schneider in Port St. Lucie, Fla. “I’ve…

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