Month: July 2012

C or S Corporation Choice is Critical for Small Business

When an individual outgrew a proprietorship, a corporation used to be the norm. Today, limited liability companies (LLCs) are the new normal. See IRS: [...]

Treasury Unveils FATCA Model Intergovernmental Agreement; Final Regulations in Pipeline (TNDR TG-1653)

The Treasury Department on July 26 released a model intergovernmental agreement to facilitate compliance with the Foreign Account Tax Compliance Act (FATCA) as [...]

IRS Strengthens ITIN Application Requirements; Interim Changes Will Protect the Integrity of the ITIN Process

WASHINGTON — The Internal Revenue Service today announced important interim changes to strengthen its procedures for issuing Individual Taxpayer [...]

Where’s My Canceled Check?: A Review of the Basics

Practice & Procedures The Check Clearing for the 21st Century Act (Check 21 Act), P.L. 108-100, was signed into law on Oct. 28, 2003, and went into effect [...]

IRS Says Offshore Effort Tops $5 Billion, Announces New Details on the Voluntary Disclosure Program and Closing of Offshore Loophole

WASHINGTON — The Internal Revenue Service today announced that its offshore voluntary disclosure programs have exceeded the $5 billion mark and released new [...]

Midyear Tax Planning Strategies

With half of 2012 behind you, now is a great time to position yourself for tax savings when you file your 2012 next year. Here are some key actions you can [...]