{"id":2432,"date":"2018-09-23T13:25:16","date_gmt":"2018-09-23T13:25:16","guid":{"rendered":"https:\/\/sarahf10.sg-host.com\/?p=2432"},"modified":"2021-02-23T21:25:26","modified_gmt":"2021-02-23T21:25:26","slug":"offshore-voluntary-compliance-closes-focus-shifts-to-states","status":"publish","type":"post","link":"https:\/\/taxops.com\/offshore-voluntary-compliance-closes-focus-shifts-to-states\/","title":{"rendered":"As offshore Voluntary Compliance program closes, focus shifts to states"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright\"><img decoding=\"async\" width=\"476\" height=\"314\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/taxops.com\/wp-content\/uploads\/2019\/05\/Door-open-and-close.png\" alt=\"\" class=\"wp-image-2433 lazyload\" data-srcset=\"https:\/\/taxops.com\/wp-content\/uploads\/2019\/05\/Door-open-and-close.png 476w, https:\/\/taxops.com\/wp-content\/uploads\/2019\/05\/Door-open-and-close-300x198.png 300w\" sizes=\"(max-width: 476px) 100vw, 476px\" \/><noscript><img decoding=\"async\" width=\"476\" height=\"314\" src=\"https:\/\/taxops.com\/wp-content\/uploads\/2019\/05\/Door-open-and-close.png\" alt=\"\" class=\"wp-image-2433 lazyload\" srcset=\"https:\/\/taxops.com\/wp-content\/uploads\/2019\/05\/Door-open-and-close.png 476w, https:\/\/taxops.com\/wp-content\/uploads\/2019\/05\/Door-open-and-close-300x198.png 300w\" sizes=\"(max-width: 476px) 100vw, 476px\" \/><\/noscript><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Tax amnesty has been used by federal and state taxing authorities to help taxpayers avoid criminal prosecution and reduce penalties by coming clean with a timely, accurate, and complete voluntary disclosure. These programs have historically been available for domestic or foreign income.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That&#8217;s about to change for foreign filings as the Internal Revenue Service pulls the plug on&nbsp;<a href=\"https:\/\/www.irs.gov\/individuals\/international-taxpayers\/offshore-voluntary-disclosure-program\"><u>Offshore Voluntary Compliance Program<\/u><\/a>. The program&nbsp;sunsets on September 28, 2018, eliminating an avenue to redemption for delinquent taxpayers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But state programs for coming clean with domestic income may still be available. While New Jersey is closing down its state-related offshore voluntary compliance initiative on Nov. 1, it is also opening up a domestic amnesty program.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From Nov. 1, 2018 to January 15, 2019, eligible taxpayers will be able to take advantage of an amnesty program:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>To file and pay their past due taxes with reduced interest and no penalties&nbsp;<br><\/li><li>Eligible periods generally cover state tax liabilities for tax returns due on or after February 1, 2009 through September 1, 2017<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Qualifying taxpayers that do not take advantage of this amnesty program may see an additional 5% non-abatable penalty imposed on &#8220;any eligible debts not resolved during the amnesty period.?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Taxpayers who participate in the New Jersey Offshore Voluntary Compliance Initiative are&nbsp;<em>not<\/em>&nbsp;eligible for the 2018 New Jersey Tax Amnesty program.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The Takeaway<\/strong><\/p>\n\n\n\n<p>Throughout the country, delinquent taxpayers may have opportunities to seek tax amnesty. The&nbsp;<a href=\"https:\/\/www.cost.org\/globalassets\/cost\/state-tax-resources-pdf-pages\/cost-studies-articles-reports\/state-and-local-amnesty-programs-7-3-2018.pdf\" rel=\"nofollow\"><u>Council on State Taxation (COST)<\/u><br><\/a>maintains a listing of&nbsp;<a href=\"https:\/\/www.cost.org\/globalassets\/cost\/state-tax-resources-pdf-pages\/cost-studies-articles-reports\/state-and-local-amnesty-programs-7-3-2018.pdf\" rel=\"nofollow\"><u>2018 State Tax Amnesty Programs<\/u><\/a>, which includes both open and upcoming amnesty programs. Programs in Alabama, Connecticut and Indiana are closing soon so take advantage while you can. Give us a call if you need some help.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Let&#8217;s talk tax<\/strong><\/p>\n\n\n\n<blockquote><a href=\"https:\/\/taxops.com\/team\/judy-vorndran\"><u>Judy Vorndran<\/u><\/a> can be reached at <a href=\"mailto:jvorndran@taxops.com\"><u>jvorndran@taxops.com<\/u><\/a> or\n    720.227.0093. <a href=\"https:\/\/www.linkedin.com\/in\/judyvorndran\/\"><u>Follow<\/u><\/a> Judy on LinkedIn.<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Tax amnesty has been used by federal and state taxing authorities to help taxpayers avoid criminal prosecution and reduce penalties by coming clean with a timely, accurate, and complete voluntary disclosure. These programs have historically been available for domestic or foreign income.&nbsp; That&#8217;s about to change for foreign filings as the Internal Revenue Service pulls [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2433,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","spt_transcript":"","footnotes":""},"categories":[228,229,226],"tags":[92,138,137,139],"class_list":["post-2432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-federal-tax","category-state-and-local","category-tax-news","tag-irs","tag-state-tax-compliance","tag-tax-amnesty","tag-voluntary-disclosure"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/taxops.com\/wp-content\/uploads\/2019\/05\/Door-open-and-close.png","_links":{"self":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts\/2432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/comments?post=2432"}],"version-history":[{"count":1,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts\/2432\/revisions"}],"predecessor-version":[{"id":6738,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts\/2432\/revisions\/6738"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/media\/2433"}],"wp:attachment":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/media?parent=2432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/categories?post=2432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/tags?post=2432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}