Offshore Accounts? The Train Is Leaving the Station! IRS To End Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018

The IRS is closing down the Offshore Voluntary Disclosure Program on September 28, 2018. This program that has been in effect since about 2009  and extended in 2012 and again in 2014 is ending in about 7 days.

ONLINE RETAILERS LOOK OUT FOR TEXAS LIMITED SALES, USE & EXCISE TAX

Online retailers have good reason to look out for the Texas Limited Sales, Use & Excise Tax. Each State is permitted to change its laws governing transactions to realize this new source of revenue.  It is hard to imagine that Texas would not extend its sales, use and excise taxes to reach online retailers selling into Texas from other States or Countries.  The U.S. Supreme Court has given the States a green light to tax online retailers selling goods and services into their States from remote locations.

REASONABLE CAUSE AND GOOD FAITH – IRS Penalties Can Be Abated, Forgiven or Waived

The IRS will not impose accuracy related penalties upon a showing by the taxpayer that there was reasonable cause for the tax position and that they acted in good faith with respect to the tax position or act in question.