IRS Expands Voluntary Worker Classification Settlement Program

IRS Expands Voluntary Worker Classification Settlement Program

Today’s press release from the IRS regarding the VCSP: IRS Expands Voluntary Worker Classification Settlement Program; Relief From Past Payroll Taxes Available to More Employers Who Reclassify Their Workers As Employees WASHINGTON — The Internal Revenue Service has expanded its Voluntary Classification Settlement Program (VCSP) paving the way for more taxpayers to take advantage of … Continue reading IRS Expands Voluntary Worker Classification Settlement Program

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)?

The IRS is Interested in Google's Offshore Profits

The IRS is Interested in Google's Offshore Profits

Moving your business offshore to avoid US tax exposure is an option, but doing so comes with significant risks, including increased scrutiny by the IRS and their interest in your offshore profits. IRS Auditing How Google Shifted Profits By Jesse Drucker    The U.S. Internal Revenue Service is auditing how Google Inc. (GOOG)avoided federal income taxes by shifting profit into … Continue reading The IRS is Interested in Google's Offshore Profits

IRS Announces Voluntary Worker Classification Settlement Program ("VCSP")

IRS Announces Voluntary Worker Classification Settlement Program ("VCSP")

Past Payroll Tax Relief Provided to Employers Who Reclassify Their Workers The Internal Revenue Service launched a new program on September 21, 2011 giving many employers an affordable option to resolve past and present worker classification issues by voluntarily reclassifying their independent contractor or nonemployee workers as employees.  The Vountary Classification Settlement Program (“VCSP”) is part of … Continue reading IRS Announces Voluntary Worker Classification Settlement Program ("VCSP")

Deadline Extension – 2011 Offshore Voluntary Disclosure Initiative

Deadline Extension – 2011 Offshore Voluntary Disclosure Initiative

On August 26, 2011, the Internal Revenue Service extended the deadline for participation in the 2011 Offshore Voluntary Disclosure Initiative to September 9, 2011. My communications with the IRS during the past week indicate that the Service will be much more ridged during this 2011 Initiative than it was during the 2009 Initiative.  The civil review … Continue reading Deadline Extension – 2011 Offshore Voluntary Disclosure Initiative