2013 Tax Changes for Individuals

2013 Tax Changes for Individuals

Tax Changes for 2013 Each year starts with some changes to our tax regime. The changes for 2013 have been much higher profile given the drama in Congress and the “fiscal cliff.” Here is a brief summary of the changes that will impact individuals this year. Individuals For 2013, standard deductions and the personal exemption, … Continue reading 2013 Tax Changes for Individuals

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 Opportunity for California Taxpayers Who Avoided Tax Bills

New Opportunity for California Taxpayers Who Avoided Tax Bills

In concert with the IRS’ Voluntary Disclosure Program discussed here and here, California is also keenly interested in offering some amnesty to taxpayers who “avoided tax bills” if it mean capturing further state tax revenue.  However, the program starts today and the deadline of October 31, 2011 to participate in California’s  Voluntary Compliance Initiative is quickly approaching.  The benefit of avoiding … Continue reading New Opportunity for California Taxpayers Who Avoided Tax Bills