AUTHOR: PAUL SPARE - CPA, CA
Over the past several years, the IRS has implemented various amnesty programs aimed at reducing the number of delinquent US tax filers.
Earlier this year, the IRS announced that one of these programs – the Offshore Voluntary Disclosure Program (OVDP) – would end on September 28, 2018. More than 56,000 taxpayers have taken advantage of this program under which the IRS has collected more than $11.1 Billion in back taxes, interest and penalties. In the September 4th announcement confirming the ending of the OVDP program, the IRS indicated that a separate program – the Streamlined Filing Compliance Procedures – will continue to be available for now but that program may end too at some point.
AUTHOR: APRIL WHEELER - CPA, CGA
There are three types of financial statement reports that can be issued for a set of financial statements: Notice to Reader, Independent Practitioner’s Review Engagement Report and Independent Auditors’ Report. The type of report you should select depends not only on what you need, but also on what the other people who rely on your financial statements will require. The users of your financial statements can include the bank, shareholders who do not take an active role in the business or potential purchaser. They all want to be assured their interests are protected. If your business has a bank loan, the bank will want to ensure the company will be able to meet its debt payments. If you are considering selling your business, a potential purchaser will rely on your financial statements to make their decision as to whether they buy or not. Inactive shareholders may want added comfort that the financial statements adequately reflects the financial results of the company.