November 17, 2009
The IRS has announced that 14,700 individual taxpayers filed by 10/15/09 to enter the Voluntary Offshore Disclosure Program. The filings disclosed bank accounts and other assets hidden in over 70 countries. The taxpayers entered the program in an attempt to reduce their penalties for failure to file certain forms with their tax returns to disclose their foreign bank accounts, foreign corporations, foreign trusts, etc.
November 6, 2009
New Tax Law Increases Penalties for Late Filing Partnership (1065) and Subchapter S Corporation Returns (1120S)
Civil penalties apply for failure to file a partnership and S corporation returns. The penalty is $89 times the number of partners or shareholders for each month (or fraction of a month) that the failure continues, up to a maximum of 12 months for returns required to be filed after Dec. 31, 2008.
New law. Under the just enacted law, the base amount on which a penalty is computed for a failure with respect to filing either a partnership or S corporation return for a tax year beginning after Dec. 31, 2009, is increased to $195 per partner or shareholder. (Code Sec. 6698(b)(1) and Code Sec. 6699(b)(1), as amended by Act Sec. 16)
RIA observation: Over the fiscal period 2011 to 2019, this provision is projected to raise $642 million (partnership penalties) and $587 million (S corporation penalties).
November 3, 2009
Forbes has determined the 10 best places in the world to retire outside of the USA. Factors they consider were not limited to taxes. They considered quality of life, health care, and other factors. Some of the countries include France, Australia, Austria, Italy, Thailand, Malaysia, Canada and Panama. Click here to read the article and more about their favorite countries.