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Report of Passive Foreign Investment Company

​PFIC 101: What is a Passive Foreign Investment Company?

When U.S. taxpayers own or have interest in foreign assets overseas, it can raise reporting and tax consequences they don’t expect. FBARs and foreign asset reporting requirements can leave taxpayers worrying about what other legal obligations they… Read More
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Categories: FBAR
Options Sign

The OVDP Is Ending. What Now?

Since the IRS announced that the OVDP is ending on March 13, 2018, you may be wondering what you can do to limit your exposure to audits or tax penalties for unreported financial assets overseas. Here are some options to consider with your tax attorn… Read More
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Categories: OVDP
Last Chance Sign: End of Offshore Voluntary Disclosure Program

IRS Formally Announces End of Offshore Voluntary Disclosure Program

Over the last decade, thousands of U.S. taxpayers have taken advantage of the offshore voluntary disclosure program (OVDP) to correct reporting errors connected to foreign financial accounts. They have voluntarily reported their accounts to the IRS t… Read More
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Categories: OVDP
Expat man on balcony thinking about Tax Cuts and Jobs Act

U.S. Tax Cuts and Jobs Act Brings Changes: What That Means for Expats

President Donald Trump made tax reform a part of his campaign. He promised to simplify the U.S. tax code and reduce tax burdens, particularly on corporations and small businesses. On December 22, 2017, after months of intense debate in Congress, Trum… Read More
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Hourglass and calendar - How long can the IRS wait before imposing tax assessments?

How Long Can the IRS Wait Before Imposing Tax Assessments?

When taxpayers discover errors in their tax returns, or they learn they were supposed to file FBAR reports, the problem they uncover can sometimes span years. The larger these foreign financial accounts are, the quicker the unpaid taxes, penalties, a… Read More
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Switzerland Flag Piggy Bank

Swiss Bank Concealment Scheme Results in Prison and FBAR Penalties

Many foreign nationals do not realize the reporting and tax requirements imposed on them by the IRS. While it has been said ignorance of the law is no excuse, intentional tax avoidance can result in far more severe penalties, including prison and mil… Read More
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Depiction of Audience at IRS Panel on End of the Offshore Voluntary Disclosure Program

The End of the Offshore Voluntary Disclosure Program

The IRS has begun to hint that the end of the Offshore Voluntary Disclosure Program (OVDP) is coming. Those hints became clearer at a recent panel discussion in Florida. Find out why the OVDP is on the way out, and what options taxpayers may have goi… Read More
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Categories: OVDP
Bitcoin on stock exchange board

Bitcoin Users Beware: IRS John Doe Summons Finds Partial Support at Court

Virtual currencies like Bitcoin have been on the rise in recent years. 2017 saw the cryptocurrency market soar to $650 billion, with some investments more than doubling in value within the year. The skyrocketing value of these assets have caught the… Read More
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Categories: Cryptocurrency
Exclamation Point Sign - Accountant Advice May Not Protect from FBAR Penalties

Wrong Answer on Schedule B Dooms Taxpayers' Attempt to Rely on Accountant's Tax Advice as Reasonable Cause to Avoid FBAR Penalties

Many American taxpayers and business owners use accountants or CPAs to prepare their taxes. Their involvement in the tax process may be as little as signing the return and cutting a check, without ever really considering their accountant’s advi… Read More
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$1 Million - FBAR penalty

Criminal Bribery Charges Lead to $1 Million FBAR Penalties

For many taxpayers, the failure to file reports of foreign financial accounts happens by accident, or at least inadvertently. Even many penalties issued for willful violations are the result of a taxpayer’s negligence rather than any complex ta… Read More
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