Are you required to inform the IRS of your foreign bank accounts, business interests, gifts or inheritances?  Here, we will review the basic filing requirements that you should be aware of.   We encourage all clients to review this and discuss all foreign transactions with us to determine the proper reporting requirements.  Although tax implications may not be involved, the penalties can be severe for failure to comply with the filing requirements.

DiSabatino, CPA helps individuals and business throughout the US.  For those clients that may have tax liabilities to the State of Pennsylvania, this may be of interest.

I have been advised that the Pennsylvania Voluntary Disclosure Program will be reinstituted effective August 1, 2010. The department will be updating its website with additional information in the near future.

Often, a minority shareholder is completely excluded from the management of the company.  Lacking the votes to acquire a position as a corporate officer or director, a minority shareholder may even be excluded from the information necessary to detect abusive actions by the majority or to evaluate the performance of the company and the value of its stock.  Therefore, the right to obtain financial information and other data about the company’s business can be invaluable.