All tagged IRS

On March 13, 2018, The Internal Revenue Service (IRS) announced that the OVDP will be ending September 28, 2018, and that any submissions not fully completed by that date will be rejected from the program. This means that anyone who has started but not fully complied with the documentation requirements by then will not be able to take advantage of the program and will instead be required to use the standard voluntary disclosure submission rules, which are not as friendly.

The IRS just released revised instructions for the Form 8938 that impact what and who is required to report certain foreign financial assets.  The revised reporting generally only applies to tax years 2011 - 2014 and for tax years starting on or after 12/12/2014 it changes again.  There are two changes, one for who is required to report and the second is for what is required to be reported - both of which are the result of the final regulations.

Forbes magazine [said][1] it best, there was a massive collective sigh of relief yesterday from accountants preparing U.S. tax returns the world over.  For background, the IRS issued final rules effective for tax years beginning on or after Januaray 1, 2014 dictating how taxpayers were allowed to treat purchases of fixed assets (things like computers and furniture or buildings) or materials and supplies.