REPORTING UNDISCLOSED FOREIGN ASSETS

NSTPInternal Revenue Service (IRS), IRS Commissioner, IRS Forms, Uncategorized

On March 13, the IRS announced that it will close the Offshore Voluntary Disclosure Program (OVDP), effective September 28, 2018. In the announcement, the IRS encouraged taxpayers who need to disclose noncompliant and unreported foreign accounts and assets to come forward before the September deadline.

IRS Issues FAQ, and Mnuchin Issues Statement, On Salt Limitation

NSTPUncategorized

Following up on IR 2018-178 that it issued on September 5 regarding businesses making payments to charitable or government entities in exchange for state or local tax (SALT) credits, IRS has posted an FAQ to its website on the subject. And, Treasury Secretary Stephen Mnuchin has also issued a statement on the subject.