The Tax Exchange
Tax discussions for the business leader
A recent case, reaffirms the government’s interest in pursuing the higher willfulness penalty in cases involving failure to disclose foreign bank accounts on the Report of Foreign Bank and Financial Account (FBAR or FinCEN 114).
In 2015, Washington state made sweeping changes to its unclaimed property law and opened an amnesty program. Unclaimed property holders that did not previously apply for amnesty should consider doing so by Oct. 31, 2017, in order to obtain penalty and interest waivers.
Delaware recently released a statement indicating intentions to identify and contact noncompliant unclaimed property holders. Notified holders are expected to enroll in the state's VDA program or they will be referred for audit.
Due to the recent hurricanes in the southern U.S., many employers are looking for ways to provide financial assistance to their employees who have been impacted by these major disasters. There are several tax-advantaged methods employers can use to provide financial support to these employees.
In response to the devastation from Hurricane Harvey, the IRS, Texas and other states have provided guidance on extended filing deadlines. Texas taxpayers should consider a number of sales and use tax benefits created to help taxpayers rebuild and repair their businesses after natural disasters.
As the September 15 deadline draws ever closer and taxpayers and return preparers alike begin to ramp up filing efforts again, it’s important to remain cognizant of changes in reporting requirements that may have occurred for the tax year.