Major changes to IRS offshore voluntary compliance programs
Many clients are asking our office about the new compliance solutions to clean up past errors in disclosing foreign assets. In June 2014, the IRS announced major changes to its offshore voluntary compliance programs, providing new options to help taxpayers
First Indictment for FATCA Violation Announced
Federal prosecutors charged six men Tuesday with running a complicated offshore scheme that allegedly enabled clients to manipulate stocks, avoid U.S. taxes and launder hundreds of millions of dollars. An indictment unsealed in federal court in Brooklyn alleged the men
Watch Out for Letters From Your Foreign Bank Requesting Information On Your U.S. Residency
Numerous foreign banks are sending letters to their customers demanding personal information to ascertain whether the customer is a U.S. citizen or a U.S. resident. The foreign banks typically state they are required to obtain such personal information pursuant to the U.S. Foreign Account
Citizenship renunciation fee increases as American expatriates flee FATCA
US government fees charged to Americans for renouncing their citizenship will rocket from $450 to $2,350 on September 12, 2014. The fivefold increase is probably related to the recent dramatic rise in renunciations triggered by the US Foreign Account Tax Compliance
New IRS internal procedure guidance for Streamline Filing Compliance Procedures
The IRS has published new IRS internal procedure guidance with IRM changes dated 8/13/14. The guidance is numbered WI-21-0814-1244 and titled “Streamline Filing Compliance Procedures for Accounts Management International IMF”. The guidance is here. The general legal rule is that IRM
Search
Recent Posts
- NJCPA Seminar: “A New Foreign Frontier: Foreign Income & Asset Reporting Update ” December 15, 2024
- Live Webinar on U.S.-India Tax Planning: Key Issues, Tax Treaties: Limited Free Registrations Available December 9, 2024
- New IRS Form Simplifies Section 83(b) Election for Restricted Stock December 7, 2024
- Taxpayer Wins Form 5471 Penalty Case December 3, 2024
- NJCPA Seminar “Federal Tax Enforcement Update on What to Expect for the Unexpecting: What Tax Professionals Need to Know to Help Clients & Themselves” December 1, 2024
- Analysis of the Revised Form 14457: Key Changes to the IRS Voluntary Disclosure Practice November 30, 2024
- IRS Changes Rules (Again) for Forms 1099-K Issuance from Venmo, Paypal, etc. November 27, 2024
- NJ Men Indicted for Conspiring to Defraud IRS Through Cash Wage Scheme November 16, 2024
- Middlesex County Man Admits Structuring over $250,000 in Deposits to Evade Reporting Requirements November 1, 2024
- Trump and Harris Tax Plans: A Concise Comparison October 20, 2024
- Parag Patel Esq. presents NJCPA Seminar “2024 Federal Tax Update and Latest Tax Controversy Hot Topics” October 20, 2024
- IRS Form 3520: How to sign and file the form October 16, 2024