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Archive by Month: May 2016

Employment Taxes: Make Sure You’re in Compliance

Offshore Account Update

Posted on May 27, 2016

A failure to pay employment taxes can have serious consequences, not only for the business that does not pay, but also for individuals like accountants, bookkeepers, and corporate executives who have a responsibility for making sure payroll taxes are paid on time. There are options for authorities to pursue both civil and criminal penalties, and the consequences can range from jail time to fines to an injunction preventing the payment of other creditors, the transfer of property or the formation of a new business.

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Accountholders Beware: The U.S. is Cracking Down on Offshore Accounts in Singapore

Offshore Account Update

Posted on May 13, 2016

The Offshore Voluntary Disclosure Program (OVDP) allows people who did not file a required Report of Foreign Bank and Financial Account (FBAR) to voluntarily report their offshore accounts. Voluntarily reporting a previously undeclared offshore account can allow you to reduce financial penalties and to avoid the possibility of being criminally prosecuted.

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