Calendar Year 990s and 990-PFs are due tomorrow.  The penalties for late filing can reach $100 per day ($20 per day for smaller organizations), and three years of non-filing will cost an organization its exempt status.  Three-month extensions are available onf Form 8868.

Aside from avoiding U.S. compliance nightmares for the rest of his life, what are the real tax consequences to the Facebook guy for giving up his U.S. Passport? (TaxProf).  Plus a TaxProf roundup!

Phil Hodgen on Why the Facebook dude expatriated.  Also: “Only an elected official would fail to predict such events.”

John Tamney, Forbes: For De-Friending The U.S., Facebook’s Eduardo Saverin Is An American Hero (Via Instapundit)

Matt Welch, Reason: Facebook Co-Founder Eduardo Saverin Becomes Most Famous American to Renounce His Citizenship Probably for IRS-Compliance Reasons

TaxGrrrl: Facebook Co-Founder Won’t Escape All U.S. Taxes By Renouncing Citizenship

In other news, a little lamb has gone missing: Farmville physician pleads guilty to tax charges.  More from the Department of Justice.

Peter Reilly lets Robert D. Flach guest-post: Wandering Tax Pro On The Tax Aspects Of Divorce.  Robert also found time to post his Saturday Buzz collection of tax blog posts.

Roger McEowen rounds up the recently-ended Iowa legislative sesssion.

Kay Bell: More women now paying child support & alimony; take note of the tax implications 

But if you’re still married, Jason Dinesen covers Community Property Allocations for Same-Sex Married Couples

More than a Little Trouble for Michael Little: British Lawyer Charged in Swiss Bank Mess Related to UBS Account (5/11/12) (Jack Townsend)

Jim Maule:

Blaming dishonesty on complexity is totally off the mark. Complexity might enhance the temptation, but it does not create the noncompliant tax evader.

He’s wrong to let complexity entirely off the hook.  While most tax cheats aren’t doing it to avoid complexity (they usually end up making their lives far more complicated, because it’s hard to keep track of your lies), at some point staying in compliance can get so difficult that some taxpayers give up trying. 

 So do lots of thieves in Tampa: LifeLock CEO Offers Identity Theft Service to IRS (Accounting Today)

This entry was posted on Monday, May 14th, 2012 at 8:21 am and is filed under Tax Roundup. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.