Don’t forget your business tax returns that are on a six month extension are due today, September 15th, 2014. That includes corporate (1120), S corp. (1120s) and partnership (1065) returns.
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IRS Changes Offshore Voluntary Disclosure Program
The IRS has changed the Offshore Voluntary Disclosure Program once again. The new program goes into effect July 1st, 2014 and can be referred to as “2014 OVDP.” Sadly, I’m not the creative genius that came up with that. Substantial changes include 1) increasing the OVDP penalty from 27.5% to 50% and 2) opening the streamlined program to non-willful violators living within the United States.
A comprehensive outline of the changes made to the OVDP program for 2014 can be found at: http://www.irs.gov/uac/2012-Offshore-Voluntary-Disclosure-Program
Individual Tax Returns DUE
This is the big day. Don’t forget to file your individual tax returns! An automatic six month extension is available by filing form 4868 which can be found here: http://www.irs.gov/pub/irs-pdf/f4868.pdf
Business Tax Returns DUE
Business tax returns are due today, March 17th, unless you file a request for an automatic six month extension. That includes corporate returns (1120), SCorp returns (1120S), and partnership returns (1065).
