So your boss thinks worrying about the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) program is a waste of time? Well, here is the biggest wake-up call you could ask for.
So many people enjoyed seeing the types of questions their AP peers were asking earlier this spring we thought we would follow up with the following sample of questions asked over the past few weeks, answered for our current subscribers, and that have recently been added to our Tax FAQ Database.
As you may know, the gross tax gap has increased from $345 billion dollars in TY2001 to $450 billion in TY2006. Moreover, the IRS has singled out underreporting of income amongst businesses and corporations as among the primary reason for this gap. However, we would like to remind you that this tax gap is not entirely the fault of accounts payable professionals such as our readers.
Just a quick update. It appears that via IRS Notice 2012-34 Cost Basis reporting for debt instruments and options has been effectively date delayed for one year.
So that our non-subscribers can get a better flavor of the types of questions we answer for our current subscribers please see below for a listing of questions which we have answered, and that have recently been added to our Tax FAQ Database.
Our very own Steven Mercatante Esq. will be a featured speaker for Convey Compliance's C2 Summit scheduled Sunday, September 23, 2012 - Tuesday, September 25, 2012 in Dallas, Texas.
We continue to get quite a bit of questions about the tax compliance guidance we offer at TIR. As such we thought we would give you a flavor for how we approach helping our clients - in this case by providing you with a free webinar from last spring on regulatory and compliance changes that were made in 2010-2011.
As we have reported previously, more and more former unpaid interns are filing lawsuits against employers for being forced to work as a full time employee without being compensated for work performed; thus violating federal and state wage, hour, and tax laws regarding the proper classification of interns vs. workers.
In April leading regulatory officials testified before Congress regarding an increased focus on measures to close the estimated net $385 billion tax gap (the actual tax gap as of 2006 has been estimated at $450 billion - with enforcement measures recovering $65 billion).
Kentucky's Department of Revenue (DOR) is instituting a tax amnesty program running from July 1, 2012 to June 30, 2013. The program will cover tax liabilities incurred during the time period December 1, 2001 to October 1, 2011.
