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FBAR vs FATCA: What You Need to Know

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… Read More
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Categories: FATCA, FBAR
Gavel and dollars: Penalty for Reckless FBAR violation

Federal Court Imposed Penalties for Reckless FBAR Violations

The difference between willful and non-willful FBAR violations amount to hundreds of thousands of dollars. But what counts as willfulness can sometimes be unclear. A recent federal district court decision says even reckless taxpayers could face stiff… Read More
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IRS Desk with Empty Chair - Will OVDP Program Continue?

IRS Commissioner Pushes for OVDP Program to Continue

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… Read More
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Categories: OVDP
Tax Shortcuts - Audit

Tax Shortcuts Can Lead to Criminal Consequences

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… Read More
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Categories: Tax / IRS Penalties
Credit Suisse Freezes Accounts

Credit Suisse Freezes Accounts to Find Non-Reporting U.S. Taxpayers

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… Read More
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OVDP or Streamlined Voluntary Disclosure

OVDP or Streamlined: Which Voluntary Disclosure Procedure Should You Use?

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… Read More
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Disclose Offshore Bank Accounts Before 2017

Get Your Offshore Account Voluntary Disclosures Resolved Before Year End

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… Read More
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Non Willful OVDP

How Can I Prove My Failure to File Was Non-Willful?

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… Read More
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Categories: OVDP
IRS Guidance on FBAR

IRS Guidance Makes FBAR Penalties More Predictable

When you discover that the IRS is investigating you for failing to report foreign financial accounts it can be intimidating. If you are facing the possibilities of FBAR penalties and criminal imprisonment, Your first question will likely be, “W… Read More
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Pending Federal Legislation Would Authorize Revocation or Non-Renewal of Passports of U.S. Expatriates Who Owe $50,000 in Taxes

The House and Senate have passed separate versions of a highway funding bill (H.R. 3763: Surface Transportation Reauthorization and Reform Act of 2015; S.808 – Surface Transportation Board Reauthorization Act of 2015) which must be reconciled b… Read More
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Categories: Tax News