This year, thousands of business owners were puzzled upon receiving a Form 1099-K from their credit card processors. The ability to accept credit cards as a form of payment is an opportunity for business owners to expand. According to the American Bankers Association, there are more than $2.5 trillion in credit card transactions every year. […]

Link: http://www.irs.gov/pub/irs-pdf/i9465fs.pdf   The IRS has recently announced a set of relaxed rules on setting up Installment Agreements for individuals owing between $25,000 – $50,000.  The IRS will no longer require a financial Collection Information Statement (Form 433-A or Form 433-F ),  for these taxpayers and will allow them to setup streamlined installment agreements.  This […]

Link: http://www.bloomberg.com/news/2012-01-18/irs-easy-on-criminal-tax-evaders-watchdog.html Attached is a very interesting article from Bloomberg, which discussed the recent OVDI programs for FBAR compliance.  Nina Olson, National Taxpayer Advocate, discusses how the program is highly beneficial to those who were intending to hide assets overseas.  However, the program is looked at by many as punitive to those who only negligently […]

Link: http://www.irs.gov/newsroom/article/0,,id=252162,00.html?portlet=108   The IRS has announced that it is extending the Offshore Voluntary Disclosure Initiative Program (“OVDI”) into 2012.  This extension is due to the sucess of the last 2 programs, which brought a significant number of taxpayers into compliance with their reporting obligations.   Any United States person, living in the U.S. or […]

A very interesting article about a new voluntary disclosure initiative for companies who have misclassified workers. It is titled Voluntary Classification Settlement Program (VCSP). The program offers reduced penalties for companies who meet certain eligibility requirements. http://www.forbes.com/sites/irswatch/2011/09/29/new-irs-worker-reclassification-program/

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