Search Results for: sdop
New Streamlined Domestic Offshore Procedures (SDOP) is a Game Changer
…explore the SDOP and consider filing a carefully drafted SDOP submission. The IRS detailed announcement of the SDOP follows below: Eligibility for the Streamlined Domestic Offshore Procedures In addition…
What Is The Difference Between the SDOP and the Current OVDP program?: Willfulness
What Is The Difference Between the SDOP and the Current OVDP program? The Streamlined Offshore Procedures (SDOP and SFOP) liberalizes the old restrictions and rewards taxpayers that disclose their offshore…
Streamlined Filing Compliance Procedure’s New Revisions to Streamlined Domestic Offshore Procedures (SDOP)
…file under the Streamlined Domestic Offshore Procedures (SDOP) or the Streamlined Foreign Offshore Procedures (SFOP). This article focuses on the SDOP, which is for taxpayers who reside in the United…
ABA COMMENTS ON THE 2014 OFFSHORE VOLUNTARY DISCLOSURE PROGRAM AND THE STREAMLINED PROGRAMS
…available to such taxpayers include the Offshore Voluntary Disclosure Program (“OVDP”), the Streamlined Domestic Offshore Program (“SDOP”), and the Streamlined Foreign Offshore Program (“SFOP”). The IRS voluntary disclosure programs…
2018 ABA COMMENTS ON THE OFFSHORE VOLUNTARY DISCLOSURE PROGRAM AND THE STREAMLINED PROGRAMS
…Streamlined Domestic Offshore Program (“SDOP”), and the Streamlined Foreign Offshore Program (“SFOP”). We co-authored the ABA comments. The comments are very constructive. It is hoped that the IRS carefully considers…
All the Many FBAR Late Filing Procedures
…Streamlined Domestic Offshore Procedures or SDOP The SDOP are for Taxpayers who are not qualified as foreign residents, non-willful, and filed their original tax returns on time. Under the SDOP…
Details of the Streamlined Domestic Offshore Procedures
…(SDOP) or the Streamlined Foreign Offshore Procedures (SFOP). This article focuses on the SDOP, which is for taxpayers who reside in the United States. The Internal Revenue Service (IRS) recently…
Consequences of Filing False Streamlined Filings
…taxpayer to file an SDOP when there was willful conduct resulting in harsh consequences. Taxpayers who fraudulently file an SDOP face criminal prosecution. Recently, the IRS has taken fraudulent filings…
IRS Releases Training Documents on Offshore Voluntary Disclosure Program
…avoid criminal tax prosecution. The OVDP’s current penalty is 27.5 percent. However there are other alternatives available to certain taxpayers that may provide additional relief, including the SDOP and SFOP…
Recent Court Decision Shows Risks of IRS Streamlined Filing Compliance Procedures
…estate (Taxpayer) attempted to become compliant through the IRS’s Streamlined Domestic Offshore Procedures (“SDOP”). The IRS flagged the submission and assessed the maximum willful FBAR penalties against the Taxpayer because…
Streamlined Filing Compliance Procedure’s New Revisions to Streamlined Foreign Offshore Procedures (SFOP)
…file under the Streamlined Domestic Offshore Procedures (SDOP) or the Streamlined Foreign Offshore Procedures (SFOP). This article focuses on the SFOP. The Internal Revenue Service (IRS) recently modified the non-willfulness…
Article Discusses Termination of Offshore Voluntary Disclosure Program (OVDP) and the Streamlined Filing Compliance Procedures (SFCP)
…US residents (Streamlined Domestic Offshore Procedures or “SDOP”) and one for non-US residents (Streamlined Foreign Offshore Procedures or “SFOP”). Each program has its own set of tailored procedures and eligibility…
IRS announces new Streamlined Filing Compliance Procedures
…reside outside the U.S. ($0 penalty) Streamlined procedures for U.S. residents are referred to as the Streamlined Domestic Offshore Procedures (SDOP). This program is for U.S. citizens or permanent residents…
Major changes to IRS offshore voluntary compliance programs
…certification program, referred to as the IRS Streamlined filing compliance procedures (SDOP and SFOP); Under this program, taxpayers residing in the United States whose failure to report foreign financial assets…
Taxpayers’ Evidence of Non-Willfulness or Willfulness Factors
We have come across the below 3 questions numerous times with our clients. What kind of evidence is relevant to demonstrate “non-willfulness” for purposes of the SDOP and the SFOP…
Details of the Streamlined Foreign Offshore Procedures (SFOP)
…(SDOP) or the Streamlined Foreign Offshore Procedures (SFOP). This article focuses on the SFOP. The Internal Revenue Service (IRS) recently modified the non-willfulness certification form that individual taxpayers must submit…
New Warnings in the IRS’ Streamlined Filing Compliance Procedures
…Offshore Procedures (SDOP) (for U.S. residents) or Form 14653–Certification by U.S. Persons Residing Outside of the United States for Streamlined Foreign Offshore Procedures (SFOP) (for non-U.S. residents). The streamlined filing…
Happy Birthday Streamlined Filing Compliance Procedure!
…the disclosure of foreign assets. SFCP has two sub-programs: one for US residents (Streamlined Domestic Offshore Procedures or “SDOP”) and one for non-US residents (Streamlined Foreign Offshore Procedures or “SFOP”)….
Another Taxpayer Found Guilty of Failure to File FBARs and Report Foreign Income
…it’s tax fraud. We are continuing our work to crack down on offshore tax evasion.” A timely filed OVDP submission (or maybe SDOP filing) may have saved Mr. Mukhi. Stay…
Solution: Streamlined Domestic Offshore Procedures
…file under the Streamlined Domestic Offshore Procedures (SDOP) or the Streamlined Foreign Offshore Procedures (SFOP). Our firm has recently received many inquiries regarding these new IRS Streamlined Offshore Procedures. These…
Happy Birthday Streamlined Filing Compliance Procedure
…the disclosure of foreign assets. SFCP has two sub-programs: one for US residents (Streamlined Domestic Offshore Procedures or “SDOP”) and one for non-US residents (Streamlined Foreign Offshore Procedures or “SFOP”)….
A solution in a tough tax season: the IRS Streamlined Offshore Procedures
…file under the Streamlined Domestic Offshore Procedures (SDOP) or the Streamlined Foreign Offshore Procedures (SFOP). Our firm has recently received many inquiries regarding these new IRS Streamlined Offshore Procedures. These…
Hiding Money or Income Offshore Among the “Dirty Dozen” List of Tax Scams for the 2015 Filing Season
…the 2011 and 2009 programs. This program will be open for an indefinite period until otherwise announced. The IRS also announced its SDOP and SFOP last year for non-willful cases….
New IRS Disclosure Program Announced for Non-Resident Taxpayers: Streamlined Foreign Offshore Procedures
…use the Streamlined Domestic Offshore Procedures (SDOP)) taxpayers alike. The SFOP significantly expands the old Streamlined Program for Non US-residents, which was narrowly only for non-filers with less than $1500…
Another Customer with Unreported Offshore Bank Accounts Pleads Guilty
…submission (or maybe SDOP filing) may have saved Mr. Landegger. The case is interesting because it reveals the discussions between the bankers and client, which ultimately were criminally used against…
New IRS Subpoenae and IRS Data Mining Expected
…disclosure of offshore assets. The OVDP, SDOP and SFOP compliance programs should be considered with experienced legal counsel. Patel Law Offices has consulted with hundreds of clients regarding their offshore…
News from the 2014 Criminal Fraud and Tax Controversy Conference
…were in attendance. Below are some interesting observations: On the new IRS Streamlined program (including the SDOP and SFOP programs), David Horton LB&I director for international compliance (who is in…
IRS Clarifies Requirements for Streamlined Filing Procedures
…instructions for taxpayers residing outside the United States here; New Streamlined Filing Compliance Procedures for U.S. Taxpayers Residing in the United States (SDOP) Frequently Asked Questions and Answers (FAQs) here;…
New Report: Delinquent Taxpayers Could be Identified at US Border Crossings
…Streamline Procedures (non-resident SFOP and domestic SDOP). For those taxpayers who do not meet the eligibility requirements of the Streamline Procedures there is the offshore voluntary disclosure program (OVDP 2014)….
IRS Streamlines its Streamlined Offshore Procedures with More User Friendly Forms
The IRS has just recently updated the Streamlined Procedure forms for both its “foreign” (SFOP) and “domestic” (SDOP) procedures. All of the information can now be typed directly into the…