Monthly Archives: September 2014
The Deadline Approaches for Requesting an Extension to Make a Portability Election under IRS Revenue Procedure 2014-18’s Simplified MethodSeptember 17, 2014
In January 2014 the IRS issued Rev. Proc. 2014-18 providing a simplified method for certain taxpayers to request an extension to make a portability election under Internal Revenue Code (IRC) § 2010(c)(5)(A). However, a deadline of December 31, 2014 was set. With the deadline to request an extension using this simplified method only a few months away, a review of the requirements is timely.
IRS Updates to the Streamlined Compliance Procedures under the Offshore Voluntary Disclosure Program: New Forms Standardize the Certification RequirementSeptember 16, 2014
On June 18, 2014, the IRS announced sweeping changes to the 2012 Offshore Voluntary Disclosure Program (OVDP). Since that time, additional clarification on procedural requirements has been issued. Most recently, as of August 2014, the IRS has provided updated forms and guidance in the administering of the “Streamlined Compliance Procedures” (SCP). While the scope of these updates may seem ministerial in nature, the impact of not following them may prove costly in terms of lack of eligibility for lower penalty amounts.