People who have undisclosed income in offshore accounts can — and frankly, should — take advantage of the IRS’s Offshore Voluntary Disclosure Program (OVDP). As the term suggests, the program allows taxpayers to voluntarily disclose all foreign accounts and fully clear their tax liability (including taxes owed, interest and penalties), instead of risk getting flagged […]
The IRS offers a program called an Offer In Compromise (“OIC”). An OIC allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship. With a properly completed application for […]
Certain tax returns that are selected for audit by the IRS each year are selected as part of the National Research Program (“NRP”). The goal of this program is to design and implement a successful strategy to collect data that will be used to measure payment, filing and reporting compliance and to deliver the data […]
Although being a constituent of your elected Congressman gives you reason to voice your concerns about agenda under your Congressman’s consideration, don’t think that just because you have personal tax problems that your Congressman will come to the rescue or be able to cut any bureaucratic tape. It is true that every elected official has […]
IRS Giving Taxpayers To April 18, 2017 To File 2016 Individual Income Tax Returns. The Internal Revenue Service announced that it can start accepting 2016 income tax returns onMonday, January 23, 2017. Returns filed before that date (by paper or electronically) will be held in suspense by the IRS. Since the IRS will begin processing […]
Until just recently, not much has come out of the Courts defining that line between nonwillful and willful when it comes to not filing Foreign Bank and Financial Accounts Reports (“FBAR”). But now we have a recent U.S. District Court case out of California which has vast repercussions on anyone who has undisclosed foreign bank […]
It is hard to believe that we are just two months away from the year of 2016 and as always towards the end of each calendar year the IRS announces next year’s annual inflation adjustments. You can check for more than 50 tax provisions, including the tax rate schedules, and other tax changes for tax year 2017 in Revenue Procedure 2016-55. The tax year 2017 adjustments generally are used on tax returns filed in 2018.
IRS Issues Fall 2016 Report Card On OVDP Milestones And FACTA Implementation Offshore Compliance Programs For Taxpayers With Undisclosed Foreign Bank Accounts Generate $10 Billion andMore Than 100,000 U.S. Taxpayers Come Back into Compliance In Reporting Foreign Accounts;IRS Urges People to Take Advantage of Voluntary Disclosure Programs The IRS announced on October 21, 2016 that […]
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