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National Taxpayer Advocate Calls Passport Revocation for Unpaid Taxes Unconstitutional

Can the IRS take away your right to travel without advanced notice? The National Taxpayer Advocate says the passport revocation program created by Congress in 2016 — which authorizes passport revocation for unpaid taxes — may be unconstitutional… Read More
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Categories: Tax / IRS Penalties
Using Smartphone as Calculator - Determining PFIC Excess Distribution Interest Penalties

PFIC 101: How to Avoid PFIC Excess Distribution Interest Penalties

Once U.S. taxpayers identify passive foreign investment company assets in their portfolio, the next logical step is to minimize the tax consequences connected to those assets. At the top of the list is finding a way to avoid PFIC excess distribution… Read More
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Photo of Woman Pointing with Pen to PFIC stock interests Line Item on Printout

PFIC 101: How to Tell if You Have PFIC Stock Interests

It may seem easy to know whether a U.S. taxpayer has stock interests overseas. You may think that you will cross that bridge if and when you decide to invest in a foreign investment company. But you may have PFIC stock interests you don’t recog… Read More
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PFIC - Financial Data on Global Map

PFIC 101: Reporting PFIC Tax Obligations for Foreign Stockholders

When U.S. taxpayers own stock in foreign mutual funds and other investment companies, they may know the income from those assets need to be reported to the IRS. They may even know they can be taxed on that foreign income. But for many U.S. shareholde… Read More
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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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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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