Posts Tagged ‘amending tax returns’

Voluntary Disclosure Offers Income Tax Relief and Chance to Avoid Criminal Prosecution to Off Shore Account Holders

Thursday, May 14th, 2009

The IRS has announced a six-month Voluntary Disclosure program that offers lower penalties to those who come forward and pay taxes due on the secret holdings in offshore accounts. Until now, the IRS could impose penalties of at least 50% for all years in which an account wasn’t disclosed. In some cases, that could exceed the value of the offshore holdings.
The announcement comes amid a U.S. legal battle to
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Posted in Tax news and tips, Voluntary Disclosure | 1 Comment »

What Everyone on Madoff’s 162-Page Client List Should Know About Recovering Losses through Tax Deductions

Thursday, February 5th, 2009

Today Bernie Madoff’s client list was made public revealing even more high-profile individuals defrauded by the $50 billion Ponzi scheme. Among the names disclosed today are John Malkovich, Barbara Bach (Ringo Starr’s wife), Kevin Bacon and Dodgers great Sandy Koufax.
What these fraud victims need to know is that they can recoup 30-40% of their losses if they take advantage of Internal Revenue Code Section 165. So if you’ve paid taxes
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Posted in Tax news and tips | 4 Comments »