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.

PROPOSED REGS REFLECT NEW HEAD OF HOUSEHOLD DUE DILIGENCE RULE FOR TAX PREPARERS

NSTP8867, Earned Income Tax Credit, Individual Taxpayers, Social Security, Tax Cut & Job Act, Tax Professionals, Tax Refund, TCJA, Uncategorized

Proposed regulations have been issued by the Internal Revenue Service that amend portions of previously proposed regulations to reflect the Tax Cuts and Jobs Act (TCJA) expansion of the scope of the tax return preparer due diligence penalty under Code Sec. 6695(g).

FORM 941, SCHEDULE R

NSTP941, IRS Forms

At a recent meeting with the IRS, it was requested that we update payroll professionals on the proper use of the Schedule R which accompanies the payroll Forms 941 and 940 to report aggregate payroll information. All approved IRC section 3504 agents and certified professional employer organizations (CPEOs) must file an aggregate Form 941, with Schedule R (Form 941) attached, if they are reporting wages on behalf of their clients. The Schedule R (Form 941) allocates those aggregate wages reported on Form 941 to each of the clients. Section 3504 agents who elect to file an aggregate Form 940 on behalf of home health care service recipients and all CPEOs must attach a Schedule R (Form 940) to their aggregate Form 940 Schedule R: Using its own Employer Identification Number (EIN), the section 3504 agent or CPEO files a single Form 941 or Form 940 that aggregately reports the information from all of its clients, as well as information for wages paid to its own employees. The section 3504 agent or CPEO must remit all federal employment tax deposits and payments related to these filings using its EIN. The Schedule R (Form 941/940) will provide the IRS with client-specific information … Read More