Offshore Accounts Make IRS Dirty Dozen, Again
March 27th, 2017
Every year, the Internal Revenue Service (IRS) lists its “Dirty Dozen” — those behaviors that they say are the worst tax scams of the year. Offshore accounts have made the list again. But with proper reporting, there is nothing illegal…
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Categories: Tax / IRS Penalties
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Taxpayer Beware: New FBAR Filing Deadline for 2016
March 13th, 2017
Changes to the IRS foreign financial account filing requirements, especially the FBAR filing deadline for 2016, could catch US taxpayers off guard next month. Don’t get caught unaware. Find out what you and your accountant need to know now, bef…
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Categories: FBAR
Where to File a FBAR Penalties Challenge
February 24th, 2017
No one wants to pay penalties for failing to file reports on federal accounts. Even in spite of a tax attorney’s best efforts, the IRS will sometimes issue FBAR penalties improperly. A recent federal District Court decision explains what U.S. t…
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FBAR vs FATCA: What You Need to Know
February 9th, 2017
As you prepare to file your federal tax return and related documents with the IRS, it is important to be aware that the federal government imposes mandatory reporting requirements for broad categories of foreign financial accounts and other assets in…
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IRS Commissioner Pushes for OVDP Program to Continue
January 12th, 2017
Any presidential election brings with it the chance for changes to tax laws and enforcement priorities. IRS Commissioner John Koskinen explains that, at least through November 2017, the Offshore Voluntary Disclosure Program (OVDP) will continue. Many…
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Categories: OVDP
Tax Shortcuts Can Lead to Criminal Consequences
December 30th, 2016
No one wants to pay more than they have to in taxes. But taking tax shortcuts can cause big problems when the IRS and the Justice Department get involved. Depending on the size, length of time, and severity of the tax fraud, you could even face crimi…
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Categories: Tax / IRS Penalties
Credit Suisse Freezes Accounts to Find Non-Reporting U.S. Taxpayers
December 20th, 2016
If you are a U.S. taxpayer with accounts over seas, you may feel safe not reporting that income. You might assume there is no way the IRS will know. If so, recent activity by the Swiss bank Credit Suisse should give you food for thought. The Foreign…
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OVDP or Streamlined: Which Voluntary Disclosure Procedure Should You Use?
November 29th, 2016
The IRS recently encouraged U.S. taxpayers to come clean about unreported foreign financial assets and income. The agency offered up two voluntary disclosure procedures to save non-compliant taxpayers from steep penalties and criminal prosecutions. B…
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Get Your Offshore Account Voluntary Disclosures Resolved Before Year End
November 18th, 2016
If you are one of the thousands of American taxpayers with offshore financial accounts, the idea of not being in compliance with IRS reporting requirements may make your hair stand on end. You don’t have to live in fear of an audit. Find out ho…
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How Can I Prove My Failure to File Was Non-Willful?
October 21st, 2016
You have just discovered that you were required to file disclosures related to foreign financial accounts in your possession. You know that you weren’t trying to avoid the IRS, but how do you communicate that your failure to file was non-willfu…
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Categories: OVDP
