News & Analysis as of

Tax Amnesty Voluntary Disclosure

Freeman Law

The IRS’s Renewed Focus on Abusive Trust Arrangements

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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

Davis Wright Tremaine LLP

Rare Washington State Tax Amnesty Opportunity – Expires November 30!

The Washington State Department of Revenue has opened a window for more remote businesses to take advantage of its Voluntary Disclosure Program. We encourage you to share this news with your tax or finance teams to consider...more

Burr & Forman

IRS Releases New Guidance on Voluntary Tax Disclosures

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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

Foodman CPAs & Advisors

Los Contribuyentes con Cuentas Extranjeras No Divulgadas deben ACTUAR AHORA. El Programa de Divulgación Voluntaria de Cuentas en...

El 13 de marzo del 2018, el IRS anunció la terminación del Programa de Divulgación Voluntaria De Cuentas en el Extranjero (“OVDP”) desde el 28 de septiembre del 2018 (Notificación IR-2018-52). El OVDP ha estado disponible...more

Foodman CPAs & Advisors

Taxpayers with undisclosed foreign accounts need to COME FORWARD NOW. Offshore Voluntary Disclosure Program Ends September, 2018

On March 13, 2018, IRS announced the termination of the Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018 (Notice IR-2018-52). ...more

Pierce Atwood LLP

IRS Ends Offshore Account Voluntary Disclosure Program

Pierce Atwood LLP on

The IRS recently announced that it is ending its Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. ...more

Burr & Forman

IRS Announces End to Foreign Bank Account Disclosure Program: What Can You Do Now If You Still Have Unreported Foreign Bank...

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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

Orrick, Herrington & Sutcliffe LLP

IRS To Terminate The Offshore Voluntary Disclosure Program

On March 13th, the Internal Revenue Service ("IRS") announced that the offshore voluntary disclosure program ("OVDP"), which was first launched in 2009 and modified several times, will close to new taxpayers after September...more

Lowndes

IRS Announces End of FBAR Voluntary Disclosure Program

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As I discussed in a prior blog post, if you have more than $10,000 in a foreign bank account, you are obligated to file Form 114 (commonly known as an FBAR). Failure to make this filing can result in significant civil...more

Sheppard Mullin Richter & Hampton LLP

Limited-Time Tax Amnesty for Marketplace Sellers

The Multistate Tax Commission (“MTC”) has implemented a limited-time voluntary disclosure initiative for online marketplace sellers (the “VDI”). The VDI creates an opportunity in many states to have a retailer’s historic...more

Burr & Forman

Unfiled Tax Returns: What Do You Do? (Part 2)

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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

Ballard Spahr LLP

PA Tax Update: Amnesty Program and SUT Change

Ballard Spahr LLP on

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

Burr & Forman

South Carolina Tax Amnesty for 2017?

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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

Pierce Atwood LLP

New Hampshire Lowers Tax Rates, Creates Amnesty and Voluntary Disclosure Programs

Pierce Atwood LLP on

After lengthy negotiations between legislators and Governor Maggie Hassan, New Hampshire enacted significant tax changes, including a cut to business tax rates, an increase in the research and development tax credit, and the...more

Blank Rome LLP

IRS Commissioner Hints That OVDP Modifications Are in the Works

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Since 2009, the Internal Revenue Service has offered three different amnesty programs for taxpayers with undeclared foreign bank accounts. These programs, the current version of which is entitled the Offshore Voluntary...more

Levenfeld Pearlstein, LLC

Illinois Use Tax: A New (And Aggressive) Focus On An Old Tax

As a result of Illinois’ budget woes, Illinois has taken a renewed and aggressive interest in collecting state Use Tax. ...more

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