Should I Participate in The Offshore Voluntary Disclosure Program (OVDP)?

Should I Participate in The Offshore Voluntary Disclosure Program (OVDP)?

This post updates and rehashes my earlier post on the 2011 Offshore Voluntary Disclosure “Initiative.” The initiative is now a “Program” with no stated deadline.  As of this date, the IRS has not yet published the official guidelines for the program other than to inform us that the OVDP penalty for failure to disclose offshore accounts … Continue reading Should I Participate in The Offshore Voluntary Disclosure Program (OVDP)?

New Credit Card Reporting Requirement Will Impact Small Businesses

New Credit Card Reporting Requirement Will Impact Small Businesses

There’s a new 1099 reporting form that looks like it may have a big impact by capturing unreported income earned by small businesses., Form 1099-K, Merchant Card and Third Party Network Payments. The form is the result of compliance reporting requirements for some credit card and PayPal payments.  By requiring compliance reporting by credit card companies … Continue reading New Credit Card Reporting Requirement Will Impact Small Businesses