Monthly Archives: January 2013

Wedding Bells

 

Wedding bells ring at RMS Accounting. PFC Jeremy Martin & Karena Nazario, were the first to use our new meeting space to celebrate there wedding on  January 3 2013.

 Bride and Groom

Wedding Bells

IRS Bites Widow – Failure to report foreign accounts costs $21M and 6 years in Jail.

 

Think the IRS is just kidding about reporting Foreign Accounts, or that what they don't know can't hurt you? Think again.

Take a look at what happened in the case of a Florida Widow that failed to report her Inherited Swiss and Liechtenstein Accounts. She was found guilty and assessed a penalty of $21,000,000.00 in addition she faces up to 6 years in prison.

“FBAR” (Foreign Bank Account Reporting) requires the reporting of Foreign Bank & Investment accounts controlled or owned by US persons and or corporations.

Penalties can be huge for failure to report and can also include jail time.  Don’t overlook this important reporting requirement and don’t fall for the old dodge “what they don’t know can’t hurt me”, as countries and banking systems around the world, including the Swiss, who are famous for their banking secrecy are telling all to the IRS.

 

Fiscal Cliff Save?

 

Did the late night session on the last day of the year make things better or not? If you are one of the 98% of taxpayers that will not see income tax rates return to pre Bush tax rates you may think so, but what it means the economy and just what if anything will be done about the deficit remains to be seen. When we know is it will cost more to be married than single tax wise. Some deductions come back but, not only tax payers with more than $400,000 will see tax increases. Back with this tax act are reductions in itemized deductions and exemptions for tax payers with income greater than $300,000 if they are single and more than $350,000 if married.

Take a look at the Highlights of the 2012 Taxpayer Relief Act on our Just Released page and let us know when you think this will mean to you and your family.