IRS Announces New Statistics Regarding Voluntary Disclosures
Since the initiation of the U.S. Internal Revenue Service’s (IRS) Offshore Voluntary Disclosure Program (OVDP) which originally began in 2009 and the Streamlined Filing Compliance Procedures first offered on September 1, 2012, the IRS recently reported that more than 54,000 taxpayers have come forward
Top myths of US tax compliance for Foreign Accountholders
There is a lot of misinformation so we decided to debunk the top myths of US tax compliance. Myth #1: I don’t have to file US taxes if I live abroad. The US is one of the few countries who
Offshore Compliance Programs Generate $8 Billion; IRS Urges People to Take Advantage of Voluntary Disclosure Programs
The IRS issued the below interesting press release last week… IR-2015-116, Oct. 16, 2015 WASHINGTON — With more than 54,000 taxpayers coming in to participate in offshore disclosure programs since 2009, the Internal Revenue Service today reminded U.S. taxpayers with undisclosed
IRS posts its “wins” involving offshore accounts
http://www.irs.gov/uac/Offshore-Tax-Avoidance-and-IRS-Compliance-Efforts Offshore Tax-Avoidance and IRS Compliance Efforts The IRS continues to uncover abusive tax-avoidance schemes involving offshore activity. Find information here pertaining to Union Bank of Switzerland (UBS). Aug. 19, 2009, Announcement and Documents IRS to Receive Unprecedented Amount of
The IRS publishes new proposed regulations for tax on transfers from covered expatriates
The IRS published new proposed regulations last week regarding the tax on gifts and bequests from covered expatriates last week. Section 2801 basically provides that if a U.S. citizen or resident receives a “covered gift” or “covered bequest,” a gift
IRS Announces Key Milestone in FATCA Implementation; U.S. Begins Reciprocal Automatic Exchange of Tax Information under Intergovernmental Agreements
IR-2015-111, Oct. 2, 2015 WASHINGTON — The Internal Revenue Service today announced the exchange of financial account information with certain foreign tax administrations, meeting a key Sept. 30 milestone related to FATCA, the Foreign Account Tax Compliance Act. To achieve
File a Protective Claim for Refund for Possible OVDP Opt Out Cases
In 2009, the IRS had introduced an Offshore Voluntary Disclosure Initiative/Program (OVDI/OVDP). In following years, the program was reintroduced and revised. When it comes to addressing offshore filing deficiencies, several issues exist in connection with the statute of limitations, the