Offshore Voluntary Disclosure Program is Ending

On March 13, 2018, the Internal Revenue Service announced that it will begin to ramp down the Offshore Voluntary Disclosure Program, also known as OVDP.  By alerting taxpayers now, the IRS intends that any U.S. taxpayers with undisclosed foreign financial assets have time to use the OVDP before the program closes.  “Taxpayers have had several years to come into compliance with U.S. tax laws under this program,” said Acting IRS Commissioner David Kautter. “All along, … Read More

Charitable Contribution Tax Tips for 2017

The IRS has reminded individuals and businesses making year-end charitable contributions of several important tax law provisions, including substantiation requirements, that they should keep in mind.

Coinbase Ordered To Release Bitcoin Customer Records to IRS

A California federal court has ordered Coinbase to turn over identifying records for all users who have bought, sold, sent, or received more than $20,000 through their accounts in a single year between 2013 and 2015. Coinbase estimates that 14,355 users meet the government’s requirements.

End of Year Withholding Checkup

Taxpayers Should do an End-of-Year Withholding Check-up As the end of the year approaches, the IRS encourages taxpayers to consider a tax withholding checkup. When taxpayers take a close look to make sure the right amount of tax is withheld now, they can avoid an unexpected tax bill next year.

Avoid Estimated Tax Penalty with Increased Withholding

Taxpayers clearly aren’t paying enough attention to estimated tax penalties. A recent IRS Fact Sheet reveals that the number of people paying such penalties jumped nearly 40% from 7.2 million in 2010 to 10 million in 2015. In particular, individuals with substantial income in addition to salaries may find that the amount of tax withheld from their salaries isn’t enough to cover their required estimated tax payments. This may be the result of miscalculation or … Read More

Proposed 2017 Tax Reform Changes to Foreign Income

The Tax Cuts and Jobs Act, released on Nov. 2 and scheduled to be marked up by House Ways and Means on Nov. 6, would make major changes to taxation of individuals, corporations and other businesses, foreign income and taxpayers, and exempt organizations.  Below is more detail concerning the taxation of foreign income.

Manafort Indicted for FBAR Issues

Paul Manafort has been in the news a lot lately, bringing new focus and awareness to those with foreign bank accounts, and the filing responsibilities that having those accounts entails.  Manafort was indicted for concealing his interests in several foreign bank accounts, as well as tax evasion and a host of other criminal charges.

2017 proposed tax Changes for Small businesses

The Tax Cuts and Jobs Act, released on Nov. 2 and scheduled to be marked up by House Ways and Means on Nov. 6, would make major changes to taxation of corporations and other businesses. Below are some of the changes that are being proposed.