IRS Commences Second Voluntary Disclosure Program for Taxpayers with Foreign...
The IRS recently announced a second voluntary disclosure program to encourage US taxpayers to reveal their foreign assets, file tax returns for missing years and otherwise come into compliance with the...
View ArticleNew IRS Guidance in the 2011 IRS Offshore Voluntary Disclosure Initiative
In February 2011 the IRS announced the Offshore Voluntary Disclosure Initiative (OVDI) for taxpayers with undisclosed foreign accounts. This program was a follow up to a program initiated by the IRS...
View ArticleTax Alert: The IRS Announces New Voluntary Worker Classification Settlement...
On September 21, 2011 the IRS announced a new program to permit taxpayers to voluntarily reclassify workers as employees rather than independent contractors for employment tax purposes with minimal tax...
View ArticleIRS Announces Third Offshore Voluntary Disclosure Program
The IRS announced a third voluntary disclosure program for offshore accounts recently. The IRS has conducted two prior voluntary disclosure programs – one in 2009 and one in 2011. According to the...
View ArticleMandatory Electronic Filing for FBARs Effective July 1, 2013.
June 30, 2013 is the filing due date for 2012 “FBARs,” also known as Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts. If there is a non-willful failure to file, the penalties are up...
View ArticleSignificant Revisions to the IRS Offshore Voluntary Disclosure Program
On June 18, 2014, the IRS announced a revamped Offshore Voluntary Disclosure Program. The existing OVDP has been in place since March 2009. The program allows a taxpayer to voluntarily come into...
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