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The IRS has just released an update on what they will and will not be doing during the government shutdown:

The IRS will continue to:

• Process electronic and paper-filed returns (including amended returns)
• Issue refunds
• Respond to taxpayer questions
• Send out automated notices
• Implement the Tax Cuts and Jobs Act

What the IRS will not do:

• Process transcript requests (If a POA is on file they will through e-services)
• Process new POA requests
• Conduct any audit functions (unless the SOL could expire)

For the full notice click here.

Did you know that if you have a foreign bank account, or even just signature authority over a foreign account that isn’t in your name, that your CPA should know about it?  While there is no specific tax on having a foreign bank account, the penalty for failure to disclose can range from $10,000 and up to 50% of the balance of the account if the failure is found to be willful.  The IRS is working down their lists.  Years ago they were going after billionaires with secret Swiss bank accounts, but more recently they are enforcing penalties against much smaller account holders.  Two weeks ago, in a more shocking court case, a taxpayer was ordered to pay $697,229 related to an account inherited from her […]