Posts from March 2018.

The IRS recently announced it will be shutting down its successful Offshore Voluntary Disclosure Program (OVDP) for unreported foreign bank accounts and income. The program will end September 28, 2018. Under the OVDP, first started in 2009, over 50,000 individuals have come forward to report previously unreported foreign bank accounts and income. The IRS reports it has raised over $11 billion in taxes, penalties and interest through the OVDP.

The U.S. income tax system is perhaps the most expansive in the world. U.S. citizens and permanent residents must report their worldwide ...

The IRS requires businesses to obtain a Form W-4 from each employee, and also a Form W-9 from contractors and others who may receive payments for services.   If a business does not receive these forms, the business must deduct and withhold “back-up withholding” from all wage and other payments to these individuals equal to 24% of the payments (down from 28% prior to 2018). Amounts withheld from an employee/contractor’s payments as back-up withholding are reported on Forms W-2/Form 1099 by the business, and should be reported as federal income tax withheld on the ...

UPDATE: In Notice 2018-18, published March 1, 2018, the IRS announced its intention to issue regulations clarifying that S corporations will be subject to the extended carried interest holding period.

Prior to the passage of the Tax Cuts and Jobs Act (the "Act"), one of the more controversial and hotly-debated tax benefits was the so-called "carried interest," which allowed certain fund managers and venture capital firms to pay income taxes on what would typically be considered ordinary income at favored long-term capital gains rates. Both Presidential candidates took aim at the ...

An IRS tax levy is a seizure of a person’s property or rights to property.  The IRS then uses the seized property to pay taxes owed.  A levy allows the IRS to confiscate a person’s property, which includes cars, boats, real estate, and other “tangible” property.  The IRS can also levy and take a person’s wages, bank accounts, and retirement income including Social Security benefits.

The IRS has been authorized to impose levies since 1954. Generally, the IRS must wait at least 10 days from the date it sends a notice of intent to levy before it can make a seizure. This notice must inform ...

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