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As was discussed in an earlier article, the IRS announced a new Voluntary Classification Settlement Program that offers concrete benefits to participating employers. Among the chief benefits are substantially lower payment by employers of the potentially overdue taxes (without any interests and penalties) and a relatively simple way of resolving this potentially grave problem. Additional […]
On September 21, 2011, the IRS announced and explained its new Voluntary Classification Settlement Program (VCSP) that provides partial relief from federal employment taxes for eligible taxpayers that agree to prospectively treat their workers as employees (see Announcement 2011-64). In essence, eligible employers may voluntary elect to participate in the VCSP in order to limit […]
The Internal Revenue Service has achieved significant success in combating international tax non-compliance. The total number of voluntary disclosures up to 30,000 since 2009. In all, 12,000 new applications came in from the 2011 offshore program that closed last week. The IRS also announced today it has collected $2.2 billion so far from people who […]
Estimated tax payments for the third-quarter (June 1-August 31) of 2011 are due on September 15, 2010. 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 if it is […]
Non-Resident Indian (NRI) is an Indian citizen who has migrated to another country, a person of Indian origin who is born outside India, or a person of Indian origin who resides permanently outside India. A large number of the NRIs left India as a result of a job offer, for example as a software engineer […]