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Archive by Year:2020 - Page 3

Small Businesses in Virginia Could Soon Be Facing More IRS Scrutiny

Hot Topics, News

Posted in on April 30, 2020

Small businesses have always faced audit risks, but a recent development at the Internal Revenue Service (IRS) means that small businesses could soon be facing enhanced scrutiny of their federal returns. On March 5, the IRS announced that its Small Business/Self Employed Division is opening a new Fraud Enforcement Office that will specifically be targeting small businesses that underreport and underpay their federal tax liability. The Fraud Enforcement Office is beginning operations in 2020.

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IRS Extends Income Tax Deadline to July 15, Virginia Department of Taxation Extends Payment Deadline to June 1

News

Posted in on March 31, 2020

In an effort to provide some financial relief to individual and corporate taxpayers during the novel coronavirus pandemic, the Internal Revenue Service (IRS) has extended the federal income tax filing and payment deadline for 2020 from April 15 to July 15. The Virginia Department of Treasury has extended the state income tax payment deadline to June 1. These extensions apply to all taxpayers automatically. In other words, there is nothing you need to do in order to delay your filings and payments (if applicable) to these revised deadlines.

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IRS to Step Up Audits Targeting High-Income Taxpayers

News

Posted in on February 28, 2020

On February 19, 2020, the Internal Revenue Service (IRS) announced that it will be stepping up its efforts to target high-income taxpayers who have failed to file all necessary return forms in prior years.

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A Guide on When to Disclose Offshore Bank Accounts

Offshore Account Update

Posted in on January 31, 2020

If you have fallen behind on your reporting obligations, then one option you may have is to utilize the IRS’s streamlined filing compliance procedures. There are a number of eligibility criteria, the most-important of which is that your failure to file must have been “non-willful.” If you submit a streamlined filing and the IRS determines that you willfully failed to disclose your offshore bank accounts, then it may initiate an audit and impose full penalties for your disclosure violation.  

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