Category Archives: International
Voluntary disclosure programs work, for the IRS and for U.S. taxpayers.
The IRS has already collected a total of more than $4.4 billion as a result of two previous offshore voluntary disclosure programs—one in 2009 and a second in 2011. Last month, the IRS reopened the program for persons with undisclosed offshore bank and financial accounts.
If you still have foreign accounts that you haven’t disclosed on your federal tax filings, you have a new opportunity to become current with the IRS. As (continue reading…)
International tax evasion: In this time of economic crisis for many countries around the world, anti-fraud measures at the individual and corporate level are a major focus for governments and their taxing and regulatory authorities.
Recently, the U.S. government has launched major initiatives to disclose unreported income from foreign assets, which has been estimated to cost the federal Treasury between $40 billion and $70 billion in individual income taxes alone.
If you have a financial interest in, or signature authority over, a (continue reading…)
Undisclosed foreign financial accounts cost the federal government billions of dollars in lost tax revenue—perhaps as much as $100 billion each year. So it’s not surprising that this type of international tax evasion is being aggressively pursued by the U.S. Department of the Treasury.
If you had a financial interest in a foreign bank or other financial account in 2010—or had signature authority over a foreign account owned by a domestic entity, such as a corporation, partnership or trust—you may be subject (continue reading…)
Honesty is the best policy—at least when there’s money in it, according to Mark Twain. The IRS, charged with enforcing a tax system based on voluntary disclosure, agrees.
International tax evasion in the form of undisclosed and unreported offshore financial accounts costs the federal government as much as $100 billion in lost revenue each year. That makes it an obvious priority for enforcement activity.
If you have an offshore financial or bank account, you’re likely subject to federal taxation and reporting requirements―just as (continue reading…)
To pay for newly enacted legislation that temporarily increases federal medical assistance for states and appropriates funds for education and jobs, the Education Jobs Act of 2010 includes a number of international tax provisions―including new restrictions on the use of foreign tax credits by U.S. corporations with foreign operations.
The new foreign tax provisions stem from a concern that U.S. multinational corporations are able to shift income to foreign affiliates and operations in low-tax jurisdictions in order to reduce or avoid (continue reading…)
The bipartisan Hiring Incentives to Restore Employment Act, or HIRE, was signed into law on March 18, 2010 to promote job creation and sustained employment.
According to President Obama, “”It is the first of what I hope will be a series of jobs packages that help to continue to put people back to work.”
Major hiring provisions of the Act include a payroll tax holiday for an employer that hires a displaced worker and a retained worker credit if the employer continues (continue reading…)
It seemed to come out of nowhere, which I suppose can be said of almost any real crisis. One minute, while enjoying myself at a client retreat in Mexico, I learned about a few cases of flu in Mexico City. The next, schools were closing in Seattle.
Fortunately, this flu virus hasn’t turned into the virulent global pandemic that it could have been. But what if it had? What if I hadn’t made it back from Mexico―or I had carried the (continue reading…)
Expect the best, plan for the worst, and prepare to be surprised―or so the saying goes.
In the face of higher gas and food prices and a shaky housing market, it is increasingly likely that we face an economic slowdown this year.
Although economic conditions typically vary by region and sector of the economy, preparing for the possible financial and operational consequences of a downturn just makes good business sense.
The need for advance planning is particularly critical for small- and medium-sized businesses, (continue reading…)
It’s that time again! The filing deadline for federal information returns, including Form 1099, is fast approaching.
If you paid an independent contractor or a consultant―whether an individual, partnership or, in a few instances, a corporation―for services provided as part of your business during the last calendar year, you may be required to prepare a 1099 by the end of January.
Similarly, if you or your business paid interest during the year―or your business paid dividends or made certain other distributions―you may also need to prepare a (continue reading…)
In a move designed to prevent employment fraud, all corporations with employees in Washington state–including not-for-profit organizations–must register their business owners and corporate officers with the Washington State Employment Security Division (ESD).
The initial reporting deadline was September 30, 2007, a Sunday, so the reports are actually due October 1.
The new registration requirement, adopted by the 2007 state legislature, has generated a number of questions and concerns–and, in at least one regard, the details are still evolving.
This new requirement serves two (continue reading…)