The concept of willfulness in the context of non-compliance with tax reporting and payment regulations concerning offshore accounts has been a popular topic in legal circles lately. So much so that the American Bar Association recently held a conference dealing specifically with important issues in that arena.
The Offshore Voluntary Disclosure Program (OVDP) is not a given. You must apply to take part and then be accepted into the program.
With the year end quickly approaching, you generally have until December 31 to take actions to impact your 2016 tax return. If you missed the April and extended October tax return filing deadlines for tax year 2015, now is also a good time to finally clear up lingering issues.
Owning a restaurant or pizza place in Massachusetts requires good record keeping. The Massachusetts Department of Revenue takes sales tax compliance seriously. Fail to report sales, collect the proper tax or pay the DOR in a timely manner and the penalties can be substantial.
The IRS officially announced that tax season will begin on January 23rd when it starts accepting returns. You will have a few extra days to get your returned filed with a due date of Tuesday, April 17 in 2017.
While most IRS audits are completed via written correspondence, the agency still utilizes in person audits. When an IRS agent requests to come to your home or business, the situation is serious.