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IRS Nixes Popular Offshore Voluntary Disclosure Program
By on March 21, 2018
On March 13, 2018, the Internal Revenue Service (IRS) announced that it will terminate its 2014 Offshore Voluntary Disclosure Program (OVDP), effective September 28, 2018. Since its launch in 2009, over 56,000 taxpayers have taken advantage of the program and its potential shield from criminal tax liability for the willful failure to report and pay tax on foreign accounts
Marinello v. United States - Supreme Court Opinion
By on March 21, 2018
The U.S. Supreme Court reversed a taxpayer's conviction today under 26 U.S.C. § 7212(a), also known as the Omnibus Clause, which forbids "corruptly or by force or threats of force . . . obstruct[ing] or imped[ing], or endeavor[ing] to obstruct or impede, the due administration of [the Internal Revenue Code]."
Update On The IRS Attack on Conservation Easements
By on March 19, 2018
In prior blog posts, we discussed IRS efforts to combat what it considers to be abusive conservation easements deductions. In Notice 2017-10, the IRS warned that certain conservation easement deductions could be designed to avoid tax and had to be disclosed to the IRS. The notice said that some promoters "are syndicating conservation easement transactions that purport to give investors the opportunity to claim charitable contribution deductions in amounts that significantly exceed the amount invested."
Time for a Withholding Tax Checkup: Treasury Releases New Withholding Calculator
By on March 8, 2018
In December 2017, Congress enacted sweeping changes to the federal tax laws. There has been a great deal of discussion as to whether American workers would see significantly greater take-home pay as a result of the new tax laws. In January, the IRS released new withholding tables to help employers determine how much to withhold from their workers' paychecks. Employers were supposed to implement the new withholding changes by February 15th. Now the Treasury Department has released a withholding calculator for American workers to determine if employers are withholding the correct amount.
