The Offshore Voluntary Disclosure Program is a program designed specifically for taxpayers with exposure to potential criminal liability and/or civil penalties due to a willful failure to report foreign financial assets and pay all tax due in respect to those assets.
On the 28th September 2018 the IRS will be closing the 2014 OVDP. This is due to a significant decline in the number of taxpayers participating as well as an increase in awareness of offshore tax and reporting obligations.
It should be notes, that the closing of the 2014 OVDP does not end nor lessen the IRS’s priorities towards offshore tax compliance. The IRS enforce offshore compliance with tax and FBAR requirements using information received under the Foreign Account Tax Compliance Act (FATCA) and so on.
Deadline for submitting a 2014 OVDP
All offshore voluntary disclosures conforming to the requirements of the 2014 OVDP filing procedure must be received or post marked by the 28th September 2018.
With US taxes done for another year, we thought it was a good opportunity to let you know about a few changes the Internal Revenue Service (IRS) are implementing as of 2018. The new figures released are what you'll need to prepare your 2018 tax returns in 2019.
Film and television producers in New York State (NYS) are able to claim back money on their projects in the form of a refundable tax credit. The tax credit hopes to encourage creative professionals to create film and television content in NYS to help the industry thrive and keep the State's economy healthy. The incentive is available to qualified production companies that produce a variety of media outputs such as feature films, television series or television pilots. They may also be able to claim credit on post-production costs that link back with the original project.
Pensions are a popular way of supporting yourself financially within your retirement. Whether you opt for a Social Security pension, Employer Pension or a Private Pension plan, there are many things to consider when navigating potential US Tax Challenges if you are an American living in the UK.
Even though you are a UK citizen and live in the UK, the US still will attempt to tax your US pension. However, the US/UK tax treaty states that most pensions are only taxable in the country where the beneficiary is a resident. Therefore, living in the UK gets you exempt from US tax on your pension. In order to claim an exemption from this tax, there are several steps that must be taken. First, you must contact the IRS and obtain a US Taxpayer Identification Number (TIN). Once you have this, you should fill out Form W-8BEN and send it to the institution paying your pension benefits. This will allow them to send you your pension payments in full without withholding US tax. Be sure to specify the article and paragraph of the treaty that allows the taxpayer to claim this exemption (Article 18, paragraph 1).
Below is a summary of the major tax incentives that Congress has put in place to encourage certain behaviours by US corporations.
US corporations and individuals are allowed a multitude of different deductions for cash outlays they make throughout the tax year. However, for technology companies and individuals with tech-based hobbies, it can be confusing as to what expenses can be deducted. Below is a brief summary of what can and cannot be deducted for US tech companies and tech-interested individuals.