Entries by Manager

Expanded Tax Credit for Hiring Unemployed Veterans

On November 21, 2011, the VOW to Hire Heroes Act of 2011 was signed into law.    The new law provides an expanded work opportunity tax credit to businesses that hire eligible unemployed veterans and for the first time also makes part of the credit available to tax-exempt organizations. Businesses can claim the credit as part […]

Filing Deadline Extended to March 30, 2012, for Some Tax-Exempt Organizations

On December 16, 2011, the IRS announced that certain tax-exempt organizations with January and February filing due dates will have until March 30, 2012, to file their annual returns. The IRS is granting this extension of time to file because the part of the e-file system that processes electronically filed returns of tax-exempt organizations will […]

Making the Section 338(g) Election when Purchasing a Target Corporation’s Stock

This article will explain Internal Revenue Code Section 338(g), which allows corporations, that buy a certain percentage of a target corporation’s stock and meet certain requirements, to make an election to treat the acquisition as an asset purchase instead of a stock purchase. In the right circumstances, a Section 338(g) election can be a very […]

Voluntary Disclosure News: IRS Offers a Deal to 11 Swiss Banks

According to Reuters and Sonntags Zeitung, U.S. officials are offering eleven Swiss banks (including Credit Suisse, Julius Baer, Basler Kantonalbank and HSBC Switzerland) a deal that allows them to avoid criminal prosecution in exchange for revealing details of their U.S. offshore business to the U.S. government. Allegedly, in exchange to dropping the criminal prosecution, the […]

IRS Releases Guidance on Foreign Financial Asset Reporting (Form 8938)

On December 15, 2011, the Internal Revenue Service stated that it will soon release the final version of a new information reporting form that taxpayers will use starting this coming tax filing season to report specified foreign financial assets for tax year 2011.  Form 8938 (Statement of Specified Foreign Financial Assets) will be filed by […]