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PFIC 101: What is a Passive Foreign Investment Company?
May 10th, 2018
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…
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The OVDP Is Ending. What Now?
April 24th, 2018
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…
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Categories: OVDP
IRS Formally Announces End of Offshore Voluntary Disclosure Program
April 10th, 2018
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…
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Categories: OVDP
U.S. Tax Cuts and Jobs Act Brings Changes: What That Means for Expats
March 25th, 2018
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…
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How Long Can the IRS Wait Before Imposing Tax Assessments?
March 12th, 2018
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…
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Swiss Bank Concealment Scheme Results in Prison and FBAR Penalties
February 26th, 2018
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…
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The End of the Offshore Voluntary Disclosure Program
February 13th, 2018
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…
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Categories: OVDP
Bitcoin Users Beware: IRS John Doe Summons Finds Partial Support at Court
January 23rd, 2018
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…
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Categories: Cryptocurrency
Wrong Answer on Schedule B Dooms Taxpayers' Attempt to Rely on Accountant's Tax Advice as Reasonable Cause to Avoid FBAR Penalties
January 10th, 2018
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…
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Criminal Bribery Charges Lead to $1 Million FBAR Penalties
December 21st, 2017
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…
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