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No tax solution is a silver bullet, but FiveThirtyEight notes three contributing factors enabling many to side-step paying what is mandated. In addition to a weakened Internal Revenue Service (which collected $10 billion from audits in fiscal year dollars in 2016, half of what it did in 2010), the article notes that the U.S. tax code particularly enables small businesses to cheat as well. ...
Life After OVDP
With the Offshore Voluntary Disclosure Program (OVDP) closing on September 28, 2018, there will no longer be a formal IRS program for resolving unreported income and informational return non-compliance with a set penalty structure. So, what now? According to Jim Mastracchio, partner with Eversheds Sutherland (US) LLP, several other procedures remain in force for certain types of non-willful non-compliance, particularly the Streamline Filing Compliance Procedure. ...
A Tiger Woods Trickle Down Effect?
Tiger Woods has been back on the leaderboard the past few weeks, and the return of one of golf's best players has reverberated into the economy. Everyone from golf course bartenders to cable channels noticed enthusiasm for Woods' return translating into more spending and viewers. ... |
