USA – IRS is waving the estimated tax penalty for many taxpayers
Under certain circumstances the estimated tax penalty is waived for taxpayers whose 2018 Federal income tax withholding and estimated tax payments fell short of their total tax liability for the year that under certain circumstances.
In principle, a penalty applies at tax filing if too little is paid during the year. However, the penalty would not apply for 2018 if tax...
United States of America – Offshore Voluntary Disclosure Program (OVDP) will be closing effective September 28, 2018
The IRS rolled out its first Offshore Voluntary Disclosure Program in 2009 in an effort bring taxpayers with undisclosed foreign accounts and assets into compliance with U.S. tax laws. Although the 2009 OVDP ended in October of the same year, the IRS launched subsequent voluntary disclosure initiatives, including the 2011 Offshore Voluntary Disclosure Initiative (OVDI) and the 2012 Offshore...
United States of America – Individual Taxpayer Identification Numbers set to expire
The US Internal Revenue Service (IRS) announced that a number of Individual Taxpayer Identification Numbers (ITINs) will expire by December 31, 2018. The affected ITINs include the middle digits 73, 74, 75, 76, 77, 81, or 82. In addition, ITINs not used at least once on a federal tax return in the past three years will also expire.
Even though these expired ITINs can still be used on...
The Netherlands, U.S., U.K., Canada and Australia form international tax enforcement group
Leaders of tax enforcement authorities from the abovementioned countries have formed a multi-lateral tax enforcement group, Joint Chiefs of Global Tax Enforcement (J5), to collaborate in fighting international and transnational tax crimes and money laundering.
Membership of the J5 includes the heads of tax crime and senior officials from the Dutch Fiscal Information and Investigation Service...
United States of America – Offshore Voluntary Disclosure Program (OVDP) closes on September 28, 2018
The Internal Revenue Service (IRS) announced that it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on September 28, 2018. By alerting taxpayers now, the IRS intends that any U.S. taxpayers with undisclosed foreign financial assets have time to use the OVDP before the program closes.
“Taxpayers have had several years to come into...
USA – Highlights of the Tax Reforms in the USA
The US Congress has passed the largest re-write of the U.S. tax code since the Tax Reform Act of 1986. Please find attached a brief report on US tax reforms.
We will be happy to assist you and your company for all your requirements as per the new US tax policies.
Major Highlights of the Tax Reforms:
There is increase in standard deduction and repeal of the deduction for personal exemptions....
IRS alerts taxpayers on fake tax bills email
The Internal Revenue Service (IRS) has issued an alert to US taxpayers and tax professionals to be on guard against fake emails purporting to contain a tax bill from the agency related to the Affordable Care Act (ACA). The IRS has received numerous reports around the country of scammers sending a fraudulent version of CP2000 notices for the 2015 tax year. Generally, the scam involves an email...