One of the worst kept secrets about the Internal Revenue Service is that their computer systems are old, very old. In fact, the IRS was one of the first major institutions to implement and use computers on a large scale back in the 1960s.
On August 16, 2022, President Biden signed the Inflation Reduction Act into the law, giving the IRS an additional $80 billion for audits and enforcement.
In order to get your Paycheck Protection Program Loan forgiven to the greatest extent possible, have to comply with a litany of specific rules, many of which fall under the categories of tracing, proof of forgiveness and certification by professional.
If you received a Payroll Protection Program (“PPP”) loan under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, then you must comply with a detailed body of rules if you hope to have the Government forgive the loan.
On March 18, 2020, the President signed the Families First Coronavrius Response Act (FFCRA)" into law. H.R. 6201.
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.
As essential part of determining your Offshore Voluntary Disclosure Programsubmission is calculating the OVDP disclosure period.
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.
In addition to the formal Offshore Voluntary Disclosure Program, the IRS offers Streamlined Filing Compliance Procedures for certain qualified taxpayers.
Before a taxpayer even makes a submission to the Offshore Voluntary Disclosure Program, he or she must successfully complete a pre-clearance phase.