For the first time in 5 years, Ohio may initiate a Tax Amnesty program for taxpayers to resolve delinquent tax obligations. Under a bill, signed by Governor DeWine in January 2023, the Director of Budget and Management can...more
A detailed new amnesty law, "The Law Relating to Restructuring of Tax and Some Other Receivables and Amendments to Certain Laws" (the "Law"), which is quite comprehensive and offers partial tax amnesty for to the period...more
Taxpayers have long utilized trust arrangements for the transfer of wealth to beneficiaries or for the protection of assets from creditors. Generally, there is nothing nefarious about these types of arrangements. Rather,...more
On June 23, 2021, Connecticut Governor Ned Lamont signed into law two budget bills comprising the state budget for the fiscal year 2022-2023 (the “Budget Bill”). H.B. 6689, S.B. 1202. The Budget Bill contained several...more
The Nevada Legislature has enacted a one-time tax amnesty program for qualified businesses or individuals doing business in Nevada. Benefits Of Amnesty - The program allows for penalty and interest to be waived on...more
As previously announced, the Illinois Department of Revenue has begun a new amnesty program, running October 1 through November 15, 2019. All taxes paid to the Illinois Department of Revenue for taxable periods ending after...more
Illinois recently enacted legislation that offers significant benefits to delinquent taxpayers and corporations doing business in Illinois. The new legislation phases out the Illinois franchise tax over a four year period...more
The Illinois General Assembly enacted a number of new tax measures in a flurry of activity at the end of its legislative session. Some of the changes are taxpayer friendly and others are not. Unlike the no-deal chaos of past...more
A bedrock of IRS administrative practice has been the voluntary disclosure. Where an individual or business has not filed tax returns or believes they may have criminal tax exposure for prior actions, IRS procedures have...more
New Jersey’s tax amnesty program might make the holiday season a little brighter for some taxpayers. Our State & Local Tax Group explains the program’s ins and outs and why the time to act is now for those seeking to take...more
Beginning November 15, 2018 and running until January 15, 2019 taxpayers in New Jersey who owe unpaid taxes of almost all types may pay amounts outstanding and avoid penalties and collection fees and will be subject to a...more
New Jersey launched its tax Amnesty program on November 15, 2018. The program runs through January 15, 2019. Here are the top things you need to know about the program...more
El anteproyecto de la Ley de Ingresos de la Federación para el ejercicio 2019 (LIF), contemplaría la condonación total o parcial de ciertos créditos fiscales sobre contribuciones federales y sus accesorios, el perdón de hasta...more
It was no secret that Governor Murphy ran on a platform heralding an aggressive spending plan of $37.4 billion to fund a lengthy list of entitlements such as hospital and prescription aid, opioid addiction treatment, free...more
As previously reported, during the recent legislative session the Alabama Legislature finally resolved the so-called “Moody Issue,” named after the taxpayer victory in Moody v. Alabama Department of Revenue, regarding the...more
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...more
Many predicted that the 2018 regular session of the Alabama Legislature would be less eventful than in years past since members of the House of Representatives and Senate are up for re-election this year, and most lawmakers...more
A significant number of US Taxpayers living overseas have become “unbankable” where they live because of high account servicing costs for local banks (Foreign Financial Institutions – also known as FFIs) caused by the...more
After some delay, Rhode Island's budget bill (H. 5175Aaa) was finally signed into law by the governor on August 3, 2017. The budget contains a number of changes impacting the administration of state and local taxes, not the...more
If an individual or business owes federal taxes and does not have the current ability to pay these taxes, the IRS can “seller-finance” and offer a payment plan with the taxpayer. The primary benefit of a payment plan is that...more
The United States has a voluntary income tax reporting system. U.S. citizens, permanent residents, and businesses here must annually file income tax returns with the IRS, reporting their “worldwide income”, deductions, and...more
Pennsylvania’s 2017 tax amnesty program (“Amnesty Program”) is currently underway. Through June 19, 2017, qualifying taxpayers who satisfy their delinquent tax liabilities will receive abatement of all penalties and one-half...more
Action Item: Pennsylvania’s tax amnesty program begins this week and runs through June 19, 2017. Significant penalty and interest relief is available to all who participate, and taxpayers not known to the taxing authority can...more
Pennsylvania has a tax amnesty program that will run from April 21, 2017, to June 19, 2017. Even with many limitations on participation, this program may provide value to eligible taxpayers who have unfiled Pennsylvania tax...more
The South Carolina General Assembly approved a law in 2015 allowing the South Carolina Department of Revenue to offer an amnesty program to taxpayers in the state who have not filed tax returns and/or owe state taxes....more