S corporations or S corps is one of the two most popular forms of business legal structures in the state of Illinois, the other being the Illinois LLC, and for a good reason. And that reason is the fact that an Illinois S corp is considered to be a “pass-through” entity, wherein items of income … Read more
Taxes are complicated enough as it is, but filing a late tax return makes them seem even more difficult. If you file late, you’ll want to make sure you get everything right, but you won’t want to waste too much time gathering information. If you owe taxes, you don’t want to spend a single day … Read more
Not filing of taxes is a culpable felony in some jurisdiction. But the government such as that in the United States, late filing of federal taxes is not a punishable offense in order not to totally discourage the taxpayer from filing his taxes. However, late filing of the taxes is subjected to additional penalties or … Read more
On April 2, 2009 the U.S. Treasury rolled out a Voluntary Disclosure program (expiring on September 22, 2009). The goal of this program is to bring into the fold undisclosed foreign bank accounts and with them, a lot of tax revenue. The voluntary disclosure program is confiscatory and will be a tough pill to swallow … Read more
Article by Kevin Thorn The deadline to apply to the IRS Voluntary Disclosure Program now over; however U.S. taxpayers still can file a voluntary disclosure under the IRS normal procedures. In 2009, the IRS and U.S. Department of Justice began its highly publicized investigation into Swiss bank UBS AG and U.S. accountholders who hid these … Read more