Tax & Accounting Blog

Form 8938 Guidance Issued

Form 8938 Guidance Issued

In December 2011, the IRS released the new Form 8938 used to report specified foreign financial assets. The form was released in response to the temporary regulations issued for IRC 6038D, as part of the larger crackdown on taxpayers with under reported foreign assets. The new form is filed with the taxpayer’s individual return if their specified … Read More

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The Tax Gap – IRS Oversight Board’s Annual Report (June 2012)

The IRS Oversight Board issued its annual report to Congress for 2011 in June (posted June 5, 2012). The report notes that the estimated net tax gap grew nearly $100 billion from 2001 (when the gap was last estimated) to 2006. Of particular interest is the Board’s assessment of the tax gap and IRS’ efforts to … Read More

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New Details on FATCA Registration Process Released

The IRS’ June 20 FATCA Newsletter released new details on the FATCA registration process. The online system being built hopes to make foreign financial institution (FFI) registration as painless as possible. Some of the key details included in the newsletter are: FFIs will register through an online system Each FFI must designate a FATCA representative (referred to … Read More

Kentucky Offers Tax Amnesty, Cutting Interest in Half and Waiving Penalties

Kentucky Offers Tax Amnesty, Cutting Interest in Half and Waiving Penalties

The new Kentucky Tax Amnesty Act authorizes a tax amnesty program, which will be run by the state Department of Revenue for a period of no less than 60 days and no more than 120 days beginning on a date yet to be set in the fiscal year July 1, 2012 to June 30, 2013. … Read More

Organizations with Foreign Employees Face Compliance Challenges

Organizations with Foreign Employees Face Compliance Challenges

In this global economy, U.S. employers both large and small routinely employ non-U.S. citizens as well as U.S. citizens. The payroll withholding and reporting rules that apply to non-U.S. citizen employees are generally the same as for U.S. citizen employees if they are resident aliens (RAs) as that term is defined by Section 7701(b) of … Read More

Thomson Reuters Checkpoint Now Available On-The-Go!

Thomson Reuters Checkpoint Now Available On-The-Go!

  Here’s the latest way to stay connected to your tax and accounting research when you’re on the move… Thomson Reuters Checkpoint is now optimized specifically for smart phones or tablet. Whether you’re looking for topics on transfer pricing, tax provision or indirect tax, you can access all the tax research you need, wherever you are. Also, jump-start your … Read More