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IRS To End Offshore Voluntary Disclosure Program

IRS To End Offshore Voluntary Disclosure Program

by | 26 Dec | ,

The IRS announced today that it was going to end the Offshore Voluntary Disclosure Program (OVDP) by September 28, 2018.  The Service is giving taxpayers just over six months’ notice of the program closure to allow any taxpayers who wish to do so the opportunity to take advantage of the program before then.

The current program has been in place since 2014 and is, actually, a modified version of the one that was originally launched in 2012.  The programs have afforded taxpayers to voluntarily resolve past non-compliance issues related to unreported foreign financial assets, as well as failures to file foreign information returns.  read more…

IRS Issues Guidance on Tax Withholding

IRS Issues Guidance on Tax Withholding

by | 5 Dec | , , ,

 

The IRS recently issued guidance on tax withholding for the coming year. The redesign irs-logo-sm-1of the W-4 has been tabled until 2020 after the proposed form met with heavy criticism from groups like the American Society of CPAs. The W-4 for 2019 will be essentially the same as the 2018 with the exception of changes to the “withholding allowance” terminology used in the Tax Cuts and Jobs Act (TCJA.)

read more…
ALERT: Be Wary of States Circumventing the $10,000 SALT deduction limitation

ALERT: Be Wary of States Circumventing the $10,000 SALT deduction limitation

by | 27 Sep | , , , , , ,

Current Law:

The Tax Cuts and Jobs Act of 2017 limits individual taxpayer’s state and local tax (SALT), itemized deduction to $10,000 (including real estate taxes). The previous law allowed an unlimited deduction. This change may be detrimental to many individual taxpayers who relied heavily on these deductions in the past.

State Work-Arounds:

Some states have considered “work-arounds” to combat this limitation. Select states (California, Connecticut, Illinois, New York and New Jersey, thus far) have created state read more…

Scam Alert: Fraudsters Posing as Taxpayer Advocacy Panel

Scam Alert: Fraudsters Posing as Taxpayer Advocacy Panel

by | 19 Mar | , , , , , , ,

Some taxpayers receive emails that appear to be from the Taxpayer Advocacy Panel (TAP) about a tax refund. These emails are a phishing scam, trying to trick victims into providing personal and financial information.

Scam Alert written on the road.jpeg

 Do not respond or click any link. If you receive this scam, forward it to phishing@irs.gov and note that it seems to be a scam phishing for your information.

TAP is a volunteer board that advises the IRS on systemic issues affecting taxpayers. It never requests, and does not have access to, any taxpayer’s personal and financial information.
read more…

IRS Requires Taxpayers to Validate ID

IRS Requires Taxpayers to Validate ID

by | 19 Mar | , , , , ,

The IRS recently announced additional requirements for taxpayers and tax professionals to verify their identities when they call as part of security efforts.

Taxpayers and professionals should have the following documents ready when they call:

  • Social Security numbers and birth dates for those who were named on the tax return in question
  • An Individual Taxpayer Identification Number (ITIN) letter if the taxpayer has one in lieu of a Social Security number (SSN)
  • Filing status – Single, Head of Household, Married Filing Joint or Married Filing Separate
  • The prior-year tax return. Telephone assistors may need to verify taxpayer identity with information from the return before answering certain questions
  • A copy of the tax return in question
  • Any IRS letters or notices received by the taxpayer read more…

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Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.

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