India and the US have agreed to collaborate on offshore tax evasion
India and the US have agreed to again enhance collaboration on tackling offshore tax evasion and increase cooperation in sharing of cross-border tax information after the United States Treasury and India’s Ministry of Finance met last week. Following the conclusion
Internal Revenue Service again issues annual reminder to US persons to report foreign accounts and foreign income
The Internal Revenue Service recently once again issued its annual reminder to US persons to report foreign accounts and foreign income. The reminders issued because of the widespread confusion and misunderstanding that exists among most US persons with foreign assets.
How to Respond to an IRS CP3219N Notice of Deficiency (90-day letter)
Under Sec. 6212(a) the IRS can issue a statutory notice of deficiency, also known as a 90-day letter, when it determines a deficiency in an income or estate and gift tax liability. A 90-day letter is a formal legal notice,
New Leak of Offshore Accountholders Highlights the Need to Clean Up
The U.S. Justice Department is reviewing reports about the offshore financial arrangements of global politicians and public figures based on 11.5 million leaked files from Panamanian law firm Mossack Fonseca, a department spokesman said yesterday. The department is determining whether
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- IRS announces two new intriguing targeted enforcement campaigns September 12, 2019
- President Trump Revamps the IRS through his 2019 Taxpayer First Act September 12, 2019
- The IRS Large Business and International division (LB&I) has announced a new Post OVDP Compliance enforcement campaign August 12, 2019
- New IRS Enforcement Letters Warn of Cryptocurrency Non-Compliance August 4, 2019
- The IRS Large Business and International division (LB&I) has announced a new Loose Filed Forms 5471 compliance enforcement campaign August 1, 2019
- Details of the Streamlined Foreign Offshore Procedures (SFOP) July 19, 2019
- The IRS Large Business and International division (LB&I) has announced a new Offshore Private Banking enforcement campaign July 12, 2019
- Details of the Streamlined Domestic Offshore Procedures July 2, 2019
- The IRS is Hiring: Expect New Enforcement July 1, 2019
- The New IRS Voluntary Disclosure Practice: Not a Good Deal for Noncompliant Taxpayers June 28, 2019
- US Court finds non-willful FBAR penalty not limited to $10,000 per year May 20, 2019
- Details of the Delinquent International Information Return Submission Procedures (DIIRSP) May 19, 2019