Tag Archives: taxpayers

IRS Announces it Will End the Offshore Voluntary Disclosure Program Effective September 28, 2018

The IRS announced that it will end the Offshore Voluntary Disclosure Program (OVDP), effective September 28, 2018.  The IRS is pressing taxpayers with undisclosed foreign accounts, entities and income to come forward before the September 28, 2018 deadline and become compliant.  Therefore, US taxpayers who have unreported foreign assets and income have a limited amount … Continue Reading

IRS Provides Tax Relief for Victims of Hurricanes Harvey, Irma, and Maria

The IRS has announced that “affected taxpayers” in areas of Florida, Georgia, Puerto Rico, Texas, and the U.S. Virgin Islands designated as “covered disaster areas” are eligible for the postponement of time to file returns, pay taxes, and perform other time-sensitive acts. Taxpayers in the categories below constitute “affected taxpayers”: Individuals who live, and businesses … Continue Reading

Making the Move to Another State? Consider These Actions to Avoid Dual State Residency

Whether to be closer to family member or a new job opportunity, individuals are increasingly relocating to another state.  If reduction in the applicable state income tax is a motivating reason, avoiding dual-residency should be a primary objective.  It is very common for owners of certain assets (closely-held businesses, highly-appreciated assets, and/or highly compensated executives … Continue Reading
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