Daily Tax Update - January 28, 2015: IRS Says OVDP Will Remain Open Indefinitely

IRS Says OVDP Will Remain Open Indefinitely:   Today, in an announcement describing the IRS’s efforts in preventing tax avoidance through the use of unreported offshore accounts, the IRS stated that the Offshore Voluntary Disclosure Program would “be open for an indefinite period until otherwise announced.”  The program, first opened in 2009, has resulted in more than 50,000 disclosures by taxpayers and more than $7 billion in collections.

Hire More Heroes Act Unanimously Passed by Senate Finance Committee:  The Hire More Heroes Act was unanimously approved by the Senate Finance Committee today.  The bill would exempt individuals covered under TRICARE or certain other health care programs administered by the Department of Veteran Affairs from being counted towards the full-time employee threshold that determines whether an employer is an applicable large employer subject to the employer mandate under the Affordable Care Act.  Previously, the House unanimously passed its version of the bill