Scarinci Hollenbeck regularly publishes articles pertaining to legal updates affecting individuals and institutions in New York and New Jersey, and the world at large. Here you can find coverage for when we welcome new attorneys, significant wins we’ve secured on behalf of our clients, and general announcements.
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Extended Deadlines for Opportunity Zone Program Ease Impact of Pandemic
Author: Donald M. PepeDate: August 10, 2020
New York and New Jersey businesses participating in the Opportunity Zone Program have some breathing room when it comes to satisfying key deadlines. In response to the COVID-19 pandemic, the Internal Revenue Service (IRS) is providing relief to both investors and Qualified Opportunity Funds.
As discussed in greater detail in prior articles, the Opportunity Zone tax initiative was established under the 2017 Tax Cuts & Jobs Act, which was signed into law on December 22, 2017. The program aims to encourage investors to direct capital into new projects in certain low-income rural and urban communities in exchange for federal capital gains tax advantages. In New Jersey, 75 municipalities have been awarded the “opportunity zone” designation
Potential Criminal and Civil Penalties for Offshore Tax Avoidance
While it may seem crazy to notify the Internal Revenue Service (IRS) that you have potentially broken the law, it...
IRS to Ramp Up Criminal Prosecution to Combat Offshore Tax Avoidance
The Internal Revenue Service (IRS) announced that the Offshore Voluntary Disclosure Program (OVDP) will be closing on September 28, 2018....
Requirements of the IRS Offshore Voluntary Disclosure Program
The IRS Offshore Voluntary Disclosure Program (OVDP) is a voluntary disclosure program for taxpayers with exposure to potential criminal liability...
IRS Ending Offshore Voluntary Disclosure Program
The IRS Recently Announced it is Ending its Offshore Voluntary Disclosure Program (OVDP) The Internal Revenue Service (IRS) recently announced...
How to File an Offshore Voluntary Disclosure
April 3, 2018
Taxpayers with outstanding offshore asset tax obligations have one last opportunity to take advantage of the Internal Revenue Service’s Offshore...
IRS Makes It Easier to Aid Hurricane Victims
September 29, 2017
While New Jersey was spared from the recent catastrophic storms impacting the United States, many of our family members have...
Will Tax Credit Partnerships Continue in 2017 And Beyond?
January 4, 2017
Tax reform is a current topic in the news and on talk shows. All agree that the Internal Revenue Code...
President-Elect Trump Tax Strategy Draws Critics and Supporters
November 14, 2016
What is so compelling about the Trump tax strategy? Critics and supporters have been outspoken about Republican president-elect Donald Trump's tax returns...
A New Law Gives the IRS The Ability to Revoke Your Passport for Outstanding Tax Bills
November 10, 2016
How can the IRS revoke your passport? According to a recently enacted statute, the State Department can revoke the passport of...