The IRS has a special Voluntary Disclosure Program applicable to offshore accounts and entities that offers a uniform penalty structure for taxpayers who voluntarily come forward.Under the program, which began on March 23, 2009, taxpayers with undisclosed foreign accounts or entities can make a voluntary disclosure that enables them to become compliant, avoid substantial civil penalties, generally eliminate the risk of criminal prosecution and calculate, with a reasonable degree of certainty,...
Where a C corporation converts to S corporation status, the tax law imposes a tax at the highest corporate rate (35 percent) on the net built-in gains of the corporation. The idea is to prevent the use of an S election to escape tax at the corporate level on the appreciation that occurred while the corporation was a C corporation. Accordingly, the corporation’s recognition period ends at the beginning of the 2009 tax year if the S corporation election was made for the 2002 tax year ...
U.S. Citizenship and Immigration Services (USCIS) is reminding federal contractors and subcontractors that effective today, they may be required to use the E-Verify system to verify their employees’ eligibility to work in the United States if their contract includes the Federal Acquisition Regulation (FAR) E-Verify clause. The E-Verify federal contractor rule extends use of the E-Verify system to cover federal contractors and subcontractors, including those who receive American ...
