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 [...]
IRS Increases Offshore ‘Amnesty’ Penalty From 27.5% To 50% for Certain Taxpayers Effective August 4, 2014
As discussed in our post on June 24, 2014, the IRS has announced important changes to its offshore voluntary account programs. These changes were announces as FATCA took hold worldwide on July 1, [...]
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. [...]
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 [...]
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 [...]
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 [...]