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Recently we blogged about the “Exit Tax” or Expatriation Tax. We wrote that the only other country in the world with universal tax jurisdiction, like the United States, was North Korea. A few of our friends, notably Chad Conrad, tax counsel at the Canadian firm of Felesky Flynn LLP, informed us that this may not …
The IRS Expatriation Tax explained
NOTE: This article is about the exit tax due from US persons, also known as the IRS Expatriation Tax, when they expatriate and relinquish their US citizenship. For relevant articles about the IRS Expatriation Tax for current US citizens living overseas, see …
Medical expenses can be a valuable source of tax savings, but they need to be properly tracked….
What are the FBAR penalty procedures administrative processes? An IRS examiner will determine, based on facts and circumstances (and IRM guidelines) what action is appropriate in the FBAR case. If FBAR penalty procedures are found…
This year's tax season is over; most of our business client returns have been filed or are on extension. Based on our experiences in working with clients, we ask this simple question: Do you know where your small business stands? Tax problems seldom sneak up on those who are vigilant about controlling their affairs.
The state tax amnesty run by the State of Connecticut is how many State amnesties are run. The primary objective isn’t really to give taxpayers a break, but rather to increase tax revenues into the state.
Many people that we talk to, both prospective clients and long – time clients alike, tell us numerous times “I can’t have the IRS file a lien against me.” Sometimes, these people understand what a lien is and why an IRS lien is bad. But more often, they are confused about what a lien is and what …
When reviewing income tax returns we always pay special attention to the Business use of your home section (Line 30) of the Schedule C. The reason we do so is that a lot of our IRS audit representation has stemmed from this troublesome area, the home office expense audit. The IRS knows that small …
***Update: The CT Tax Amnesty program is expired. If you have a tax debt you need assistance with, contact us to set up a complimentary consultation.***
To fight the budget crunch, the state of Connecticut is hoping that the Connecticut Tax Amnesty program will convince both businesses and individuals to come forward and pay the taxes they owe to the state government. Lawmakers expect that this Connecticut Tax Amnesty program will generate $40 million for the state. As an incentive, effective July 1, 2013, business and individuals have an opportunity to enter the Connecticut Tax Amnesty program and get a whopping 75% off interest and penalties. For those accepted into the program, the Connecticut Department of Revenue will waive civil penalties and criminal prosecution for program participants.
The Connecticut Tax Amnesty program affects Connecticut businesses that have yet to pay, are late paying, or may have audit issues; and individuals who have yet to pay their entire tax liabilities or have under reported their liabilities. However, if you fail to participate in the program, you lose the right to the lower interest rates and will end up paying the full 12% annual interest, up from the discounted 3% rate, and face a 25% penalty.
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