Search Results for "fica"

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Foreign Bank Account Reporting – Are you up to date and compliant?

The IRS continues to amass more information and pursue people internationally; the risk to individuals hiding assets offshore is increasing. One of the major IRS’ “Big Sticks” to pursuing US taxpayers hiding assets and income offshore is the requirement that a US taxpayer report a financial interest or a signature authority over such a financial interest. Such form is known as the FBAR form and its actual form name is TD F 90-22.1.

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Tax Relief Act of 2010 – An Overview

Enacted in the waning hours of 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is a large, sweeping package extending many individual and business tax breaks that otherwise would have expired at year-end. It retroactively applied some significant benefits and implemented many new ones. Future

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Do You Still Have Undisclosed Offshore Accounts and Assets? Now is the Time to Act

On February 8, 2011, the IRS announced an opportunity for taxpayers to avoid a substantial portion of the penalties that would otherwise be due on previously unreported offshore accounts, entities and income. The scope of the required disclosure of such accounts, entities and income has caught many taxpayers and tax return preparers unaware and nondisclosure carries with it substantial penalties.

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SOC it to me! Are you ready for changes to the Service Organization Control standards?

The AICPA has made some significant changes to the guidance for CPAs providing examination reports on controls at service organizations. As a result of these changes, the current SAS70 reporting standards have been updated, and – effective for periods ending on or after June 15, 2011 – will be replaced by SSAE No. 16, Reporting on Controls at a Service Organization (AICPA, Professional Standards).

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IRS Introduces Section 409A Document Correction Program

On January 5, 2010, the Internal Revenue Service published Notice 2010-6: http://www.irs.gov/pub/irs-drop/n-10-06.pdf.  This Notice contains important information regarding how the sponsors of non-qualified deferred compensation plans can correct plan documents to avoid or reduce significant adverse income tax consequences and penalties. Background Section 409A was enacted in 2004 with an effective