Page 33 - Disclosure Program News Today

The battle outside ragin’ And rattle your walls -Bob Dylan A change in presidential administrations brings with it the uncertainty of what the political, legal and tax landscape will look like in the future. Statements from the Commissioner of the Internal Revenue Service and the President of the United States are starting to provide clarity of what things will look like going forward.  Here’s what we know and what you, as a taxpayer, should be thinking about as you adjust your financial p...

Monday, April 5, 2021 Last week the Ninth Circuit issued a win for taxpayers in  US v. Boyd, limiting penalties for non-willful violations of the requirement to file a Report of Foreign Bank and Financial Accounts (FBAR). The FBAR requirement applies to all United States persons with interest in or authority over a foreign financial account where the aggregate value of all such accounts is more than $10,000. Jane Boyd, a United States citizen, was required to file an FBAR due to her ...

Last week the Ninth Circuit issued a win for taxpayers in US v. Boyd, limiting penalties for non-willful violations of the requirement to file a Report of Foreign Bank and Financial...

Nairobi Landlords to Lose Homes Worth Millions to KRA An aerial view of a section of Ngara Estate in Nairobi File The Kenya Revenue Authority (KRA) and City Hall issued a joint notice to Nairobi residents which warned that the taxman was set to seize thousands of homes and office blocks in the city.  KRA said that it was going after those landlords who defaulted on land rate payments and urged them to remit the taxes lest they lose their property.  "You are supposed to have paid up all the r...

To print this article, all you need is to be registered or login on Mondaq.com. The Pennsylvania Department of Revenue announced that it is offering a 90-day voluntary compliance program for any business that has inventory or stores property in Pennsylvania, but which is not registered to collect and pay Pennsylvania taxes. The program will run through May 8, 2021. Eligible businesses that participate in the program will not be liable for taxes owed prior to January 1, 2...

FOR IMMEDIATE RELEASE Washington D.C., Jan. 19, 2021 — The Securities and Exchange Commission today announced that Shelley E. Parratt, Acting Director of the SECs Division of Corporation Finance, is retiring next month after 35 years of service to the Commission. Ms. Parratt joined the SECs Division of Corporation Finance in 1986, served as its deputy director since 2003, and served as Acting Director of the Division three separate times. "Shelley has been an impactful le...

In the past, if you were an American taxpayer who did not file a return for missed tax years, you were eligible to take advantage of what is called the Delinquent Information Return Submission Procedures. However, as of November 2020, the IRS has removed this program and it is no longer available. This program was mainly for those not eligible for the Offshore Voluntary Disclosure Program or the Streamlined Filing Compliance Procedures in order to take care of their tax issues. Typically, taxpa...