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.
President Obama signed H.R. 5297, the Small Business Lending Fund Act of 2010. The bill includes eight new small business tax cuts – all effective immediately, and applying to small businesses’ taxes for 2010 – providing an immediate incentive for businesses to make new investments and expand.
On July 2, 2010, President Obama signed the Homebuyer Assistance and Improvement Act of 2010 (H.R. 5623). The bill permits first-time homebuyers to qualify for the $8,000 credit. It also allows homeowners who have lived for five years in their current residence to purchase a new home and receive a credit of $6,500. In both cases, the buyers must have signed a contract for purchase by April 30.
