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The IRS announced on June 26, 2012, that its offshore voluntary disclosure programs have exceeded the $5 billion mark. “We continue to make strong progress in our international compliance efforts that help ensure honest taxpayers are not footing the bill for those hiding assets offshore,” said IRS Commissioner Doug Shulman. “People are finding it tougher […]
With the cost of higher education sky-rocketing, it may make financial sense for students and families to consider grants and fellowships. But what about the tax consequences of receiving a grant or fellowship payment? Are grants and fellowship taxable? The question depends upon whether the individual is a degree candidate. A degree candidate can exclude […]
Pursuant to the Bank Secrecy Act, 31 U.S.C. §5311 et seq., the Department of Treasury (the “DOT”) has established certain recordkeeping and filing requirements for United States persons with financial interests in or signature authority (and other comparable authority) over financial accounts maintained with financial institutions in foreign countries. If the aggregate balances of such […]
Estimated tax payments for the second quarter (April 1 – May 31) of 2012 are due on June 15, 2012. The estimated tax payments should be made using Form 1040-ES. Note, if the due date for an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be considered on time […]
Every year, the President has to submit a budget request to U.S. Congress for federal agencies, including the Internal Revenue Service. In February of 2012, the IRS posted the following information regarding its budget. Administration’s fiscal year (FY) 2013 budget request for the Internal Revenue Service is approximately $12.8 billion, a $944.5 million increase (8%) […]