The Corrections: taxpayers required to address errors in offshore tax reporting by 30 September 2018 or face stringent new penalties

The amount of taxable OID (including OID that is portfolio interest) is reportable on Form 1042-S. Short-term OID (i.e., on an obligation with a maturity of 183 days or less from the date of original issue) is not subject to NRA withholding tax or reporting on Form 1042-S. Banks and brokerages often use an outside service to compute the annual OID on marketable securities as the information is required for 1099.

The Corrections: taxpayers required to address errors in offshore tax reporting by 30 september 2018 or face stringent new penalties For some years now, the UK tax legislation has tended to treat offshore non-compliance by UK taxpayers more harshly than non-compliance in relation to UK income or assets.

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deliver a return which lead to a loss of tax relating to offshore matters. Errors must be corrected by 30 September 2018 at the latest to avoid very severe sanctions, namely a penalty of up to 200 per cent of the under-declared tax. Taxpayers could also face a further penalty of up to 10 per cent of the value of relevant offshore assets

The Corrections: taxpayers required to address errors in offshore tax reporting by 30 September 2018 or face stringent new penalties HMRC now have a nuclear legislative weapon against offshore non-compliance, in the form of the ‘requirement to correct’ (RTC) legislation.

The “Requirement to correct” will affect a very wide range of taxpayers and their advisers. It will affect anyone whose tax affairs involve income or assets outside the UK and their UK tax filings up to 5 April 2017 for these offshore matters are not perfect, from 30 September 2018 they face stringent new penalties for non-compliance.

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Unfortunately, owing and paying tax are still necessary and required in most cases, but on the other hand we are treading on new terrain for year-end tax planning. We will explore some actions taxpayers can make before the end of 2018 that can provide a tax benefit. Itemized deductions. The only itemized deductions that have survived the TCJA are:

First Bancorp (FBP) Q1 2019 Earnings Call Transcript – The Motley Fool The Corrections: taxpayers required to address errors in offshore tax reporting by 30 September 2018 or face stringent new penalties First BanCorp (FBP): Q1 EPS of $0.15 Net interest income of $124.7M (+2.0% Y/Y) Press Release