The IRS has published a notice and details regarding a new Internal Revenue Service Voluntary Classification Settlement program that provides partial relief from federal employment taxes for eligible taxpayers that agree to prospectively treat workers as employees.
On September 14, 2011, Governor Christie signed into law A-2748. The new law exempts individuals, estates and trusts from bulk sales notification requirements that would otherwise apply to the purchasers of one- and two-family residential and certain seasonal rental properties. Corporations, partnerships and LLC’s involved in the purchase of one- and two-family residential and seasonal rental properties are still subject to bulk sales requirements.
An Augist 31 deadline looms for U.S. taxpayers hiding income in undisclosed offshore accounts. They are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current with the Internal Revenue Service. Taxpayers with undisclosed offshore accounts have until August 31 to voluntarily come forward and pay tax on the undisclosed assets. Taxpayers hiding assets offshore who do not divulge the income could face higher penalties and potential criminal charges compared to those who come forward.
