For those of you who have unreported foreign financial accounts, today the IRS extended the deadline for reporting the accounts to September 9. The previous August 31 due date was extended because of Hurricane Irene. This may very well be the last chance to report these accounts and take advantage of reduced penalties. Taxpayers who have or had foreign financial accounts who do not self report by September 9 will be subject to enormous penalties if the accounts are later discovered by the IRS.
In order to participate in the self reporting program, complete information must be submitted to the IRS by September 9. If you have unreported foreign financial accounts, I urge you to contact your tax professional to get the ball rolling. Time is running out.
August 14, 2011
The Process Works
Back in June, I wrote about a provision in the New Jersey Unemployment law that allows the State to assess unemployment tax on payments to independent contractors, even if the contractor is a corporation. In my client's situation, they hired a bus company to transport clients. It turned out that the bus company was not properly reporting and paying NJ Unemployment Tax, so the tax was assessed against my client. By the time the audit of my client had occurred, the bus company could no longer be found.
Although it will not benefit my client, it looks like there will be a good outcome for New Jersey employers. We recently attended a legislative dinner sponsored by the NJ Commerce and Industry Association and the NJ Society of Certified Public Accountants. I had the pleasure of sitting with NJ Assemblyman Jon Bramnick. I told Assemblyman Bramnick about this law, and how I believed that it is patently unfair to New Jersey employers. Remarkably, he agreed! He asked that I send him a copy of the specific provision, along with my suggestion for changing it, which I did the next day.
Since then, I have been working with the Assemblyman's legislative aide, Carlos Cruz. Mr. Cruz has kept me informed every step of the way, and this week sent a draft of the proposed law change for my review. I thank Assemblyman Bramnick and Mr. Cruz for their efforts to make New Jersey a better place to be in business. I never expected my voice to be heard, and certainly did not expect that it would result in a law change. I will keep you posted and let you know if and when the new law is enacted.
Although it will not benefit my client, it looks like there will be a good outcome for New Jersey employers. We recently attended a legislative dinner sponsored by the NJ Commerce and Industry Association and the NJ Society of Certified Public Accountants. I had the pleasure of sitting with NJ Assemblyman Jon Bramnick. I told Assemblyman Bramnick about this law, and how I believed that it is patently unfair to New Jersey employers. Remarkably, he agreed! He asked that I send him a copy of the specific provision, along with my suggestion for changing it, which I did the next day.
Since then, I have been working with the Assemblyman's legislative aide, Carlos Cruz. Mr. Cruz has kept me informed every step of the way, and this week sent a draft of the proposed law change for my review. I thank Assemblyman Bramnick and Mr. Cruz for their efforts to make New Jersey a better place to be in business. I never expected my voice to be heard, and certainly did not expect that it would result in a law change. I will keep you posted and let you know if and when the new law is enacted.
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