by Renu Vardhan | Aug 21, 2013 | Uncategorized
IRS has consolidated the provisions of previous revenue procedures for requesting relief for late S elections under Sec. 1362, late qualified subchapter S trust (QSST) elections, late electing small business trust (ESBT) elections, late qualified subchapter S...
by Renu Vardhan | Aug 27, 2011 | FBAR
As a result of the potential impact of Hurricane Irene, the IRS has extended the due date for Offshore Voluntary Disclosure Initiative (OVDI)to September 9, 2011. The original OVDI deadline was August 31, 2011. This gives some time to the ones deciding to participate...
by Renu Vardhan | Jun 27, 2011 | 2011 Tax Updates, Standard Mileage Rate
The Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2011. As a result the rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011 and will be 51...
by Renu Vardhan | Feb 9, 2011 | Amnesty Program, Voluntary Disclosure
After the success of the 2009 Offshore Voluntary Disclosure Program, once again, the Internal Revenue Service announced a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income...
by Renu Vardhan | Jan 13, 2011 | 2011 Tax Updates
The 2010 Small Business Jobs Act signed by President Obama on September 27, 2010 expanded the scope of Form 1099 MISC reporting. As a result, for purposes of the information reporting requirements, a person receiving rental income from real estate is now considered to...