Tax News: IRS Updates for FBAR Penalties

Any US taxpayer with an interest in, or signatory authority over, a foreign financial account must file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) where the aggregate value of all foreign financial accounts exceeds $10,000 during a tax year. FBARs must be submitted to the IRS by June 30th of each […]

IRS Resurrects Offshore Voluntary Disclosure Program (OVDP)

The IRS recently announced the resurrecting of the Offshore Voluntary Disclosure Program (OVDP) after its collection of more than $4.4 billion in back taxes from those programs in 2009 and 2011. The third offshore program is similar to its 2009 and 2011 predecessors with a few key differences: The new program does not have an […]

Foreign Financial Asset Reporting

In the coming days the Internal Revenue Service (IRS) plans to release a new information reporting form that taxpayers will use to report specified foreign financial assets for tax year 2011 forward. Form 8938 – Statement of Specified Foreign Financial Assets – will be filed by taxpayers with specific types and amounts of foreign financial […]

IRS Penalties Most Likely to Affect Small Businesses

If your small business fails to comply with tax taws or tax filing requirements, those mistakes can be costly. The number of penalties that the IRS can use to punish small businesses is staggering. This article covers the six most common tax mistakes that small businesses make and the corresponding penalties that the IRS can […]

Filing and Paying Taxes Late

The penalties for filing or paying your taxes late, and how to request an extension. What if April 15 rolls by and you haven’t had time to complete your return, or you can’t pay what you owe? The consequences may not be as serious as you fear — if you take some simple steps before […]