News reports have stated that individuals are concerned the IRS could have access to personal health records due to the requirement to obtain health insurance or suffer penalties after 2013. We have received information that insurance companies will send a…
It is common for the IRS to waive Failure to File (FTF) and Failure to Pay (FTP) penalties for taxpayers who have demonstrated full compliance over the prior three years. This waiver, called a First-Time Abate (FTA) is to reward…
The IRS recently launched a new voluntary compliance program that allows employers to prospectively reclassify—as employees—those workers they have treated as independent contractors incorrectly. The program contains generous settlement terms and provides audit relief for previous years. The IRS determined…
If you currently have undisclosed offshore accounts you only have a short time frame left to enter the program for reduced penalties. The current deadline for volunteering to enter the Offshore Voluntary Disclosure Initiative program with reduced penalties and possible…
On August 31, 2009, the Department of the Treasury and the IRS published Notice 2009-62, which, in part, extended the filing deadline for persons with no financial interest in a foreign financial account but with signature authority over that account…
The IRS, February 8, 2011, announced a new 2011 Voluntary Disclosure Initiative (OVDI) for taxpayers to disclose their unreported offshore accounts. To participate in the OVDI, taxpayers must file or amend their tax returns and Form TD F 90-22.1 (Report…
The IRS has announced that it started processing on February 14 the 2010 tax returns of certain taxpayers who had previously been advised to delay filing, namely those filing Schedule A or claiming above-the-line deductions for state and local sales…
Under the 2010 Tax Relief Act employees will pay only 4.2% Social Security tax on wages up to $106,800 (which is the limit on taxable wages for Social Security tax purposes). The employer tax rate for Social Security remains unchanged…
The delay in filing the 2010 Form 1040 for many individuals previously mentioned by the IRS will be over on February 14, 2011. The delay impacts filers who will itemize on Schedule A or claim above-the-line deductions for higher education…
Most tax-exempt entities who were just above the threshold of being able to file the 990-N postcard in prior years will now have that luxury. For tax years beginning on or after January 1, 2010, most tax-exempt entities with less…