Tagged: IRS voluntary disclosure


Playing Games With Employees: IRS May Come Knocking

Posted: July 09, 2013

The Treasury Inspector General of For Tax Administration recently issued a report entitled Employers Do Not Always Follow Internal Revenue Service Determination Rulings that indicated the employers just do not get it when it comes to treating workers correctly for tax purposes.  This report sheds more light on non-compliance and will result in more audits… Read more »

Quiet Disclosures of Offshore Foreign Accounts

Posted: June 29, 2012

Taxpayers with foreign accounts are in a tight spot now.  They can take advantage of the current voluntary disclosure program  (as discussed Foreign Offshore Accounts: IRS Third Amnesty Program) to minimize their tax exposure and to resolve these looming and unresolved problems.  However this disclosure program brings IRS scrutiny and potential civil penalties, and in the most… Read more »

Employers Playing Tax Games with Worker Classification: Part II: Employee or Independent Contractor?

Posted: October 13, 2011

Our previous post discussed the IRS new Voluntary Worker Classification Settlement Program (VCSP) offering past payroll tax relief when the employer agrees to reclassify workers as employees. For the details and discussion of this VCSP program please see our just published article at my website at the following link: Employers Playing Tax Games with Workers:… Read more »

New Tax Alert: Employers Playing Tax Games with Workers: IRS Offers Way to Come Clean

Posted: September 30, 2011

The IRS has just introduced a new Voluntary Worker Classification Settlement Program offering past payroll tax relief when the employer agrees to reclassify workers as employees.  For the details and discussion of this VCSP program please see my just published article at my website at the following link: Employers Playing Tax Games with Workers: IRS Offers Way… Read more »

Hidden Offshore Bank Accounts: IRS Offers A Second Chance To Come Forward

Posted: April 27, 2011

The Internal Revenue Service announced on February 8, 2011 a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. Here are some of the basic provisions of this program. 1. Deadline To Come Forward:… Read more »

Failing To Update Retirement Plans: How to Avoid IRS Plan Disqualification & Penalties by Using VCP

Posted: August 26, 2009

In our fast paced world, many retirement plans are drafted and then often neglected.  In extreme cases, plans are put aside without ever being updated.  Some plan sponsors have failed to restate their plans for years or even decades.  For many individuals, retirement plan accounts represent the largest portion of their wealth.  As the following discussion will illustrate,… Read more »

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From their offices in Philadelphia, PA, the law firm of Steven J. Fromm & Associates, P.C. provides a full range of estate planning, probate and estate administration, tax, business and corporate legal services to clients throughout eastern Pennsylvania and the Delaware Valley, the Lehigh Valley Area, the Five-County Area, Bucks County, Delaware County, Montgomery County, Chester County, Philadelphia County, Berks County, Lehigh County, Lancaster County, York County, Harrisburg, Norristown, Doylestown, Media, West Chester, Allentown, Lancaster, and Reading.