I’d have to reach to really tie this photo from NASA of glacial ice calving offshore into the IRS’s “offshore” disclosure program. Posts are more interesting with photos included, so let’s avoid the awkward analogy and move on to the program! It looks like the IRS found success with its 2009 and 2011 voluntary disclosure programs and … Continue reading IRS Offshore Voluntary Disclosure Program Reopens for 2012
There is still time to participate in VCI 2, but you need to act now! It takes time to assemble the disclosure package so please do not wait until you’re donning your Halloween outfit to get started. Franchise Tax Board News Release: Last Chance to Apply for Tax Amnesty Program Sacramento — The Franchise Tax Board (FTB) … Continue reading Last Chance to Apply for Tax Amnesty Program – Oct. 31, 2011
As a follow-up to the Franchise Tax Board’s recent press release, I wanted to follow up with the details of California’s Voluntary Compliance Initiative 2 (VCI 2) that began August 1, 2011, and runs through October 31, 2011. If you’ve already taken part in the IRS’ Voluntary Disclosure program, or are considering doing so before the August … Continue reading California's Voluntary Tax Compliance Initiative
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
What’s good for the goose is good for the gander. So it goes for offshore accounts. Offshore accounts have had a high place on the IRS’ radar since 2009, with the IRS’ first push for taxpayers to seek amnesty for unreported offshore accounts through voluntary disclosure. Earlier this year, Alec Harrington let you know about … Continue reading 2011 Offshore Voluntary Disclosure Initiative Countdown – 36 Days Remaining
When a married couple elects their filing status for federal tax purposes, they may only have in mind which option saves them the most. Unbeknownst to many unwitting couples, however, is that, when filing jointly, each spouse also assumes liability for the total tax bill. By way of example… Say, for example, that Jack makes … Continue reading IRS Changes Deadline to Seek Innocent Spouse Relief
My step-brother Jeff Jones, of Jones & Company and the affiliated Draco Capital Management, publishes a newsletter called The Draconian. I am a fan of his work and I encourage you to check it out. Today he posted an insightful article, Why Do Taxes Matter, focusing on our current economic direction. What I like most about this … Continue reading The Draconian – Why Do Taxes Matter
What is a Loss From a Passive Activity Many people think that owning rental property is one of the best ways to hold an appreciating asset while generating losses for tax purposes. This is true in some circumstances, but many investors are in for a rude shock after they purchase the property and attempt to … Continue reading How Do I Know If I Have a Passive Activity Loss?
Tax issue leads to impasse in debt reduction talks I thought this was an interesting brief overview of the hurdles and hoops that are being negotiated by our representatives during these times of potential national default. Our economy is an interconnected system of weights and pulleys, maps and legends, that increasingly resembles a cacophonous Rube Goldberg machine … Continue reading Tax Issues, Impasse in Debt Reduction, Rubes!
With the dreaded April 15th (or this year, April 18th) behind us, most can breathe easy now that another Tax Day has passed. However, for registered domestic partners in California, 2010 saw a major change, wrought with traps for the unwary, in the Internal Revenue Service’s position on how registered domestic partners are required to … Continue reading Registered Domestic Partnerships – New Tax Traps for the Unwary