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2012 Tax Update 2012 Tax Update Presentation Transcript

  • A Global Reach with a Local Perspective www.decosimo.com2012 Tax UpdateChattanooga Chapter IMAJanuary 25, 2012John E. Henegar, CPA, CMA
  • Agenda IRS update and initiatives 2012 Compliance Form 8938, Foreign Financial Assets
  • IRS Update Audits, high wealth/S corporations Resources Voluntary Classification Settlement Program Open ended foreign bank account disclosure
  • VCSP Risk  FIT 25%  EE FICA 6.2%  ER FICA 6.2%  EE Med 1.45%  ER Med 1.45%  Total 40.3%  Plus penalty
  • VCSP Where are your risks Project Workers Temporary Workers Former Workers now Consultants
  • Section 3509 Rates If 1099’s are filed a break on the rates  1.5% FIT  6.2% ER FICA  0.84% EE FICA  1.45% ER Med  0.29% EE Med  10.28% Total
  • VCSP If you self report, 10% of the section 3509 rates, no penalty or interest To qualify:  Filed all 1099’s for three years  Not under exam  Submit agreement via Form 8952  Extend the statute of limitations
  • Foreign Bank Accounts $4.4 BILLION success story 33,000 voluntary disclosures New penalty is 27.5% of highest aggregate balance File amended returns for up to 8 years Reduced rates can apply to specific situations
  • 2012 Compliance New question regarding filing of Forms 1099 Separate line item in gross receipts for amounts reported on Form 1099-K Standard mileage rates  55.5 cents per mile business  23 cents per mile medical and moving  14 cents per mile charity
  • Foreign Financial Assets Form 8938 to be filed with 2011 tax returns Basically a US citizen or US resident must file if:  Financial account in a foreign institution  Foreign stock or security issued by non-US person  Any interest in a foreign entity  Any financial contract or instrument where the counterparty is a non-US person
  • Foreign Financial Assets Unmarried > $50,000 12/31 or > $75,000 during the year Married >$100,000 12/31 or > $150,000 during the year