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Category: News - Page 17

How Long Does OVDP Take?

Posted in News on March 31, 2017

The Offshore Voluntary Disclosure Process (OVDP) provides an opportunity to limit penalties for a failure to properly disclose offshore accounts as required by U.S. law. If you do not participate in OVDP and undeclared offshore accounts are discovered, it is possible you will face substantial civil penalties. The financial loss has, in some cases, exceeded the value of the undeclared accounts. Potential criminal prosecution is also a possibility if it is determined that you were evading your reporting and tax obligations for offshore accounts.

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The OVDP Opt Out

Posted in News on February 24, 2017

The Offshore Voluntary Disclosure Program (OVDP) is a program allowing for U.S. taxpayers to voluntarily report offshore accounts that they had failed to report to the IRS in the past. Depending upon the value of your offshore account and whether you live in the U.S. or abroad, you may have been required to file a Report of Foreign Bank and Financial Account (FBAR) and/or a Form 8938, Statement of Specified Foreign Financial Assets. If you failed to comply with reporting requirements, OVDP gives you the chance to come forward and correct the situation before the IRS comes after you.

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9 Steps to Surviving an IRS Audit

Posted in News on January 20, 2017

The threat of being subjected to an IRS audit is a major fear of many taxpayers throughout the United States. An audit can be time consuming and it can be a major hassle. In a worst-case scenario, an audit can also result in you being found to owe back taxes and penalties if the IRS determines you did not declare all of your income or determines you cannot support the deductions that you claimed. 

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Global Tax Cutting Competition is Heating Up

Posted in News on December 30, 2016

According to the Wall Street Journal, “for years, countries have been competing with each other over corporate tax.” Many different countries want to create the most favorable tax environments for businesses in order to encourage companies to locate within that particular country's borders. Now, with the election of Donald Trump, the United States could also join the competition... which could result in a race among countries to further slash tax rates. Read More

How Will the Presidential Election Impact Business Taxes in Maryland?

Posted in News on December 28, 2016

A presidential election is always going to have an impact on businesses because of tax policy changes and other regulatory shifts that come from a new president assuming office. However, the unexpected election of Donald J. Trump could usher in unprecedented changes to the business tax code. The Republicans and Donald Trump have put forth proposed tax plans which promise to promote growth and fundamentally alter the way in which businesses are taxed. Read More

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