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February 2012 Archives

IRS Audits Frequently Focus on Freelancers

For years, the American marketplace has been evolving toward a workforce in which more and more people are not traditional employees. The ranks of contractors, freelancers, consultants and assorted vendors have grown for many reasons, and the downsizing unleashed by the Great Recession only accelerated this trend.

U.S. and Five European Countries Announce Data-Sharing Deal on FATCA Compliance

The IRS is going after assets held in foreign accounts like never before. First it was not one but two iterations of the Offshore Voluntary Disclosure Initiative (OVDI). Coming soon is a new law called the Foreign Account Tax Compliance Act (FATCA).

Proposal would limit IRS on small business tax reporting requirement

Small businesses are greatly affected by tax reporting requirements. If the government isn't careful, compliance with these requirements can become excessively burdensome for business. And that, in turn, can hurt productivity and make small businesses less competitive.

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