IRS Expected To Issue Hundreds Of Deficiency Notices TO USVI Residents. The purpose of a Statutory Notice of Deficiency (SND or 90-Day Notice) is to ensure the taxpayer is formally notified of the IRS’s intention to assess a tax deficiency.
The SND is a legal determination that is presumptively correct and informs the taxpayer of the opportunity and right to petition the Tax Court to dispute the proposed adjustments.
IRS is expected to issue SNDs to United States Virgin Island residents in the next few months – Will the Estate of Sanders opinion stop the IRS? [T.L. Sanders Est., 144 TC —, No. 5, Dec. 60,222]
Hope the United States Virgin Island residents have an opportunity to find a “lawful money” website.
The IRS has kept the examinations of a plethora of taxpayers in limbo regarding tax years in the early 2000’s awaiting victories at the courthouse. The IRS typically has 3 years to examine a taxpayer. By the end of 3 years from the filing date of the return, the IRS has 3 choices;
(1) close out or settle the examination administratively;
(2) obtain an extension of the statute of limitations before the expiration of 3 years from the filing date of the tax returns at issue; or
(3) issue a notice of deficiency (also known as a 90 day letter) or
(1) United States Virgin Island residents “redeem in lawful money”
For hundreds of taxpayers who filed their returns in the USVI in the 2002-2004 time period, the IRS did not take any of the 3 avenues before the 3 year statute of limitations expired. Instead, the IRS merely examined these taxpayers and to this day has kept the examinations open.
"And if I could I surely would Stand on the rock that Moses stood"
Your linked article talks about DHS running out of money, Jay, not USVI nor lawful money. I wonder if you linked to wrong article?
They do have this though, hilarious ... http://www.vox.com/2015/2/15/8043367...ersary-special
Last edited by JohnnyCash; 02-17-15 at 04:13 PM.
They knew in the old days.
20:00 to 21:00
https://www.youtube.com/watch?v=umEEnFtmV0I