AccuPay Payroll Tax Fraud – Hits in Maryland
Link: http://www.baltimoresun.com/business/bs-bz-accupay-payroll-taxes-20130301,0,7542483.story Accu-pay, a payroll company with its headquarters in Bel Air, Maryland has been accused of not remitting to the IRS and State of Maryland the withheld payroll taxes it collects on behalf of its clients. These frauds are all too common, and unfortunately, case law shows that the responsibile officers of the non-paying […]
FATCA & FBAR Enforcement To Increase U.S. Revenue
On January 3, 2013, Switzerland’s oldest bank, Wegelin & Co. (“Wegelin”), pled guilty to assisting U.S. taxpayers in hiding more than $1.2 billion in assets from the Internal Revenue Service (“IRS”). Wegelin is the first foreign bank to plead guilty to U.S. tax evasion charges. In 2009, United Bank of Switzerland (“UBS”) faced charges of […]
THE NEW 1099-K: NO LONGER TO BE IGNORED
This year, thousands of business owners were puzzled upon receiving a Form 1099-K from their credit card processors. The ability to accept credit cards as a form of payment is an opportunity for business owners to expand. According to the American Bankers Association, there are more than $2.5 trillion in credit card transactions every year. […]
New Relaxed Installment Agreement Rules — Form 9465-FS
Link: http://www.irs.gov/pub/irs-pdf/i9465fs.pdf The IRS has recently announced a set of relaxed rules on setting up Installment Agreements for individuals owing between $25,000 – $50,000. The IRS will no longer require a financial Collection Information Statement (Form 433-A or Form 433-F ), for these taxpayers and will allow them to setup streamlined installment agreements. This […]
2012 Offshore Voluntary Disclosure Initiative (OVDI) — To Opt-Out or Opt-In to the Program?
Link: http://www.bloomberg.com/news/2012-01-18/irs-easy-on-criminal-tax-evaders-watchdog.html Attached is a very interesting article from Bloomberg, which discussed the recent OVDI programs for FBAR compliance. Nina Olson, National Taxpayer Advocate, discusses how the program is highly beneficial to those who were intending to hide assets overseas. However, the program is looked at by many as punitive to those who only negligently […]
2012 Offshore Voluntary Disclosure Initiative Announced (FBAR Compliance)
Link: http://www.irs.gov/newsroom/article/0,,id=252162,00.html?portlet=108 The IRS has announced that it is extending the Offshore Voluntary Disclosure Initiative Program (“OVDI”) into 2012. This extension is due to the sucess of the last 2 programs, which brought a significant number of taxpayers into compliance with their reporting obligations. Any United States person, living in the U.S. or […]