United States

The Tax Exchange

Tax discussions for the business leader


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Lower "willfulness" standard applied for heightened FBAR penalties

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).

  • October 17, 2017
Washington state unclaimed property amnesty ends Oct. 31

Washington state unclaimed property amnesty ends Oct. 31

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.

  • October 12, 2017
Delaware intends to send unclaimed property compliance notices

Delaware intends to send unclaimed property compliance notices

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.

  • October 09, 2017
Helping employees impacted by hurricanes and other major disasters

Helping employees impacted by hurricanes and other major disasters

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.

  • September 19, 2017
Texas sales and use tax benefits following Hurricane Harvey

Texas sales and use tax benefits following Hurricane Harvey

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.

  • September 15, 2017
Certain domestic entities and trusts may be required to file Form 8938

Certain domestic entities and trusts may be required to file Form 8938

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.

  • September 11, 2017