Waiting is one of the most fundamental of human experiences. For many very basic activities, such as the nine months or so between a baby's conception and delivery, it is inevitable.
It's been more than half a year since we last devoted a post to e-filing.
In the first part of this post, we discussed the recent statement by a key IRS official about expected increases in the audits of small-business partnerships.
The tax compliance challenges faced by small business owners are one of the important threads in this blog. A few months ago, for example, we devoted a two-part post to issues involving income reporting by small businesses.
We've said a lot about Swiss accounts in this blog in connection with the new U.S. emphasis on offshore account reporting compliance. Most recently, one week ago, we noted how the IRS is going after still more Swiss account information through the aggressive use of John Doe summonses.
In the Athens of the 4th century BC, issues about the taxation of independent contractors would have been inconceivable. In that society, after all, workers were either slave or free; that distinction, not contractor versus employee status, was the key one in a slave-holding society.
"Deja vu all over again" is of course a Yogi Berra phrase. And it may well describe what is about to happen with John Doe summonses and offshore accounts.
In part one of this post, we noted how, despite a deep historic commitment to account privacy, Swiss banks are now actually encouraging U.S. taxpayers with previously unreported accounts to consider disclosing those accounts to U.S. tax authorities.
"Confession is good for the soul," or so the old saying goes. In the case of previously undisclosed offshore accounts, confession may also be a rational strategic choice - and help a taxpayer stay out of jail.
A month ago, in a two-part post, we compared the radically revised regime for offshore account tax compliance to global climate change. One of the examples we gave of this new regime was the U.S. government action against the Swiss banking giant UBS.