Posts Tagged Penalties

Court Denies Basis To Partners For Contributions of Notes, But Waives Penalties

source The Tax Court has denied basis to individuals who contributed unfunded, unsecured notes to a partnership and claimed basis for the amounts on the notes. As a result, the partners’ bases in their partnership interests were too low for them to claim greater pass-through losses on their…

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IRS’ Overhaul of Streamline & Offshore Voluntary Disclosure Program “OVDP”

http://hiddenacres.ca/site/?m=kangra-cooperative-bank-home-loan-interest-rate On June 18, 2014, the IRS announced comprehensive changes to both the Streamlined and the Offshore Voluntary Disclosure Program (“OVDP”) programs. Such changes to the Streamline Program include: Streamlined Program 1. Expanded to include both U.S. citizens living abroad and U.S. citizens living in the United States…

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