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
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
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.
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.
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.