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Monthly Archives: November 2018

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IRS Offshore Voluntary Disclosure Program to be Terminated

By Ronald Cutler, P.A. |

The IRS recently notified taxpayers with undisclosed offshore accounts that they only have until September 28th to take advantage of the agency’s Offshore Voluntary Disclosure Program (OVDP). Initially launched in 2009, this program is estimated to have helped nearly 56,000 taxpayers comply with U.S. tax law by assisting them when it comes to paying… Read More »

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Deducting Charitable Contributions as Business Expenses

By Ronald Cutler, P.A. |

According to a recent announcement, the IRS is planning on issuing a series of regulations concerning the availability of charitable contribution deductions to business taxpayers. Fortunately, the proposed rule changes do not impact the availability of deductions for businesses that donate to charities or government entities and who receive state or local tax credits,… Read More »

TaxPrep

Combat-Zone Contract Workers May Qualify for Foreign Earned Income Exclusion

By Ronald Cutler, P.A. |

As a result of the passage of the Bipartisan Budget Act, which was enacted in February, certain citizens and resident aliens who work for the military in designated combat zones could now be eligible for the foreign earned income exclusion benefit. To find out more about this tax break and whether you qualify, please… Read More »

TaxReport

The Compliance Assurance Process Program

By Ronald Cutler, P.A. |

The Compliance Assurance Process (CAP) program is a cooperative pre-filing program that was created in 2005 as a way to help taxpayers resolve tax issues before filing their returns. The IRS recently instituted some major changes to the program, which will go into effect in 2019. However, to help affected taxpayers assess and implement… Read More »