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Department of treasury announces new markets tax credit allocation winners

  • McGuireWoods LLP
  • -
  • USA
  • -
  • February 24 2012

On Feb. 23, the U.S. Department of the Treasury, through its Community Development Financial Institutions (CDFI) Fund, announced that $3.6 billion in new markets tax credits were awarded in the ninth round of the New Markets Tax Credit program (NMTC Program

Corporations required to report transactions affecting stock basis: IRS issues new form and instructions

  • McGuireWoods LLP
  • -
  • USA
  • -
  • January 13 2012

Last week, the IRS issued a new Form 8937 (and accompanying instructions) that corporations must use to report information relating to certain transactions that affect the stock basis of their shareholders

IRS reopens Offshore Voluntary Disclosure Program for U.S. persons with undisclosed foreign financial accounts

  • McGuireWoods LLP
  • -
  • USA
  • -
  • January 10 2012

On January 9, 2012, the Internal Revenue Service (IRS) announced another opportunity for U.S. taxpayers to voluntarily inform the IRS of previously undisclosed foreign financial accounts in hopes of avoiding criminal prosecution and to reduce civil penalties

UK remittance basis charge to offset US income tax

  • McGuireWoods LLP
  • -
  • United Kingdom, USA
  • -
  • August 25 2011

As the result of a recent and long-awaited IRS ruling, U.S. domiciliaries resident in the UK have a useful tool at their disposal to minimize their overall U.S. and UK income tax liability

New guidance regarding FBARs and offshore voluntary disclosure initiative

  • McGuireWoods LLP
  • -
  • USA
  • -
  • June 21 2011

The Treasury Department and Internal Revenue Service (together, Treasury) have recently provided U.S. taxpayers additional guidance regarding the terms and deadlines for filing the Form TD 90.22-1 (FBAR) and for participating in the 2011 Offshore Voluntary Disclosure Initiative (OVDI