Search Results for: 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…
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…
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…
New IRS Disclosure Program Announced for Non-Resident Taxpayers: Streamlined Foreign Offshore Procedures
…The IRS has announced a Streamlined Foreign Offshore Procedures (SFOP), which will significantly alter all future voluntary disclosures. The SFOP is a game changer for non-resident and resident (who would…
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
…program. To learn more about SFOP go to: https://patellawoffices.com/blog/planning-for-tax-minimization/details-of-the-streamlined-foreign-offshore-procedures-sfop/ IRS Voluntary Disclosure Program Between 2009 to 2018 there used to be a program called the Offshore Voluntary Disclosure Program for…
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…
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…
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…
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…
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…
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….
Recent Court Decision Shows Risks of IRS Streamlined Filing Compliance Procedures
…the IRS determined that the Taxpayer was willful. Who Is Eligible for the Streamlined Program? The single most significant eligibility requirement for the SFOP and SDOP is that the taxpayer…
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”)….
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”)….
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…
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…
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…
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
…New Streamlined Filing Compliance Procedures for U.S. Taxpayers Residing Outside the United States (SFOP) Frequently Asked Questions and Answers (FAQs) here. Our firm recently presented a informational webinar on the…
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…
New IRS guidance Announced for 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…
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…
Watch Out for Letters From Your Foreign Bank Requesting Information On Your U.S. Residency
…large penalty or face criminal prosecution. We often recommend that U.S. taxpayers with undisclosed overseas accounts enter into the IRS’s new Streamlined Program (SDOP or SFOP) or Offshore Voluntary Disclosure…
IRS announces new Streamlined Filing Compliance Procedures
…penalty) Streamlined procedures for non-residents are referred to as the Streamlined Foreign Offshore Procedures (SFOP). These taxpayers will qualify for a 5 percent penalty as long as they have filed…
New Streamlined Domestic Offshore Procedures (SDOP) is a Game Changer
…use the Streamlined Foreign Offshore Procedures (SFOP)) taxpayers alike. The SDOP liberalizes the old rules and rewards non-willful taxpayers to disclose offshore assets with minimal tax and a lower penalty….
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…
New Comments on the IRS Voluntary Disclosure Program
…(“SDOP”), and the Streamlined Foreign Offshore Program (“SFOP”). In the past we co-authored the ABA comments, this year we did not but the comments are very constructive. It is hoped…