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Posts tagged "IRS"

IRS Issues FAQs on HIRE Act Payroll Tax Exemption and Tax Credit

The IRS has recently issued additional guidance on the Hiring Incentives to Restore Employment Act (HIRE Act) and the payroll tax exemption and tax credit that goes along with it. The additional guidance takes the form of a set of FAQs that present answers to questions about eligibility and scope of the exemption, how the act functions with other tax breaks, and issues concerning documentation of a new employees work or unemployment history.

Potential Prosecution for Offshore Bank Accounts Draws Criticism

A group of prominent criminal tax attorneys has sent a letter to the IRS criticizing it for potentially bringing criminal charges against individuals who voluntarily disclosed offshore bank accounts and other assets as part of the IRS's voluntary disclosure program (VDP).The voluntary disclosure program is designed to allow taxpayers to disclose offshore assets to ensure they are compliant with tax laws and to resolve any outstanding tax liabilities they may have. The incentive for people to participate is the understanding that they will not be criminally prosecuted for tax evasion if they fully comply with the program.The letter from the group of attorneys raises concerns that the IRS may engage in the prosecution of some taxpayers who have not fully complied with the program or who have not made their disclosures in a timely manner. At this time, nearly 15,000 taxpayers may have taken advantage of this program; however, if there appears to be the potential for prosecution, the numbers of people coming forward is sure to decrease dramatically.