Get the IRS to reimburse your businesses for COVID-19 PTO
On March 18, 2020, the President signed the Families First Coronavrius Response Act (FFCRA)" into law. H.R. 6201.
Tax Law News and Information Straight from The Tax Lawyer
Tax Deal with Switzerland Gives U.S. DOJ Deep Access To Your Account Information
Federal law requires U.S. taxpayers with more than $10,000 total in foreign accounts to report those accounts on their tax return. Those that fail to do so may face an audit, substantial financial penalties, criminal prosecution, and imprisonment. In an effort to find such accounts the U.S. Department of Justice (DOJ) recently announced a tax deal with Switzerland.
Timing and Asset Considerations under the OVDP
As essential part of determining your Offshore Voluntary Disclosure Programsubmission is calculating the OVDP disclosure period.
Taxpayer Penalties Under OVDP
Under the Offshore Voluntary Disclosure Program, taxpayers have the opportunity of making a voluntary disclosure of all their offshore financial accounts and assets to the IRS.
Streamlined Filing Compliance Procedures Under OVDP
In addition to the formal Offshore Voluntary Disclosure Program, the IRS offers Streamlined Filing Compliance Procedures for certain qualified taxpayers.
How to Complete the Pre-clearance Phase of the OVDP
Before a taxpayer even makes a submission to the Offshore Voluntary Disclosure Program, he or she must successfully complete a pre-clearance phase.
How to Avoid Criminal Charges Facing Taxpayers Who Do Not Participate in OVDP
In addition to the numerous civil penalties potentially facing taxpayers who fail to participate in the Offshore Voluntary Disclosure Program, there are also some serious criminal charges that may result if the IRS
Case Resolution Under the IRS OVDP
What Options Are Available for Case Resolution Under OVDP?
At the end of the Offshore Voluntary Disclosure Program process, the IRS will attempt to come to a closing agreement with the taxpayer.
History of the Offshore Voluntary Disclosure Program
The IRS Criminal Investigation division has a longstanding practice of considering a taxpayer’s timely, accurate, and complete voluntary disclosure in determining whether or not to pursue criminal prosecution against the taxpayer.
How To Avoid Civil Penalties for Failing to Apply to OVDP
A previous article on this topic addressed the civil penalties potentially applying to taxpayers who qualify for the Offshore Voluntary Disclosure Program but fail to apply.