Obama’s Jobs Bill

Last week President Obama presented The American Jobs Act to a joint session of Congress.  The Act includes a number of measures, all billed at helping the still reeling economy and in particular the job market.  In addition to allocating money to schools, for projects to improve infrastructure and modifications to unemployment insurance, the Act…

Reportable Transactions

The IRS has recently clarified the rules regarding failure to report reportable transactions and clarified the penalties for failing to do so.  There had previously been some uncertainty around the issue, specifically how provisions in the Small Business Jobs Acts of 2010 had affected the regulations and the penalties. The IRS has since clarified the situation.…

2011 OVDI Deadline Extended

Because of Hurricane Irene, the IRS has decided to extend the application deadline for the 2011 Offshore Voluntary Disclosure Initiative to September 9th.  The deadline had previously been August 31.  This extension also applies to Report of Foreign Bank and Financial Accounts (FBAR) forms. The OVDI is a tax amnesty initiative by which taxpayers with…