NJ Tax Waiver Shortcut
New Jersey provides its taxpayers the opportunity to pay two “Death Taxes”: the New Jersey Inheritance Tax and the New Jersey Estate Transfer Tax. These taxes are transfer taxes (not income taxes, sales taxes or
IRS Form 8938 and the Offshore Voluntary Disclosure Program (OVDP)
The announcement by the IRS of the opening of the new Offshore Voluntary Disclosure Program (OVDP) on January 9, 2012 came as a surprise to most tax practitioners, especially since the 2011 OVDI just ended
Analysis of the new 2012 Offshore Voluntary Disclosure Program (OVDP)
Yesterday the Internal Revenue Service opened its Offshore Voluntary Disclosure Program (OVDP) to encourage more taxpayers with assets in undeclared foreign bank accounts to come forward. While the OVDP was not expected by most tax
IRS Announces New 2012 Offshore Voluntary Disclosure Program (OVDP)
The Internal Revenue Service today reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes. The IRS reopened the Offshore Voluntary Disclosure Program (OVDP) following continued strong interest
Beware: IRS Form 8938 Statement of Specified Foreign Financial Assets
Form 8938, Statement of Specified Foreign Financial Assets, is a new reporting form. Form 8938 will be used to report certain foreign financial assets as required as part of the Hiring Incentives to Restore Employment
IRS Reminds U.S. citizens and dual citizens about U.S. filing requirements
In a fact sheet (IRS FS-2011-13) released last week, the IRS reminded U.S. citizens and dual citizens of the United States and foreign countries who live abroad about U.S. filing requirements, including Form TD F
Another Bank Discloses Accountholders: Credit Suisse to Turn Over U.S. Account Data
Earlier this month Credit Suisse Group AG, Switzerland’s second-biggest bank, told U.S. clients it is giving confidential client account data to the Swiss tax authorities, who will decide whether to disclose it to the Internal
Fifth HSBC India Customer indicted for tax evasion this year
A federal grand jury in San Jose, California, last week indicted Ashvin Desai of San Jose on three counts of tax evasion, two counts of willfully aiding the preparation of materially false tax returns and
The Risks of “Opting Out” of OVDI
Under the 2011 OVDI voluntary disclosure program, the penalties for failing to timely file Foreign Bank Account Reports, (FBAR’s) and the penalties for failure to file information returns (such as Controlled Foreign Corporation tax returns)
Taxpayers Advised to Use Caution: Confirmed FBAR Information Request Scam
Our firm has become aware of a “phishing” scam, related to the filing of Report of Foreign Bank and Financial Accounts (FBAR). Under the scam, taxpayers receive an email notice, purportedly from the IRS Chief of
Another Foreign Bank Charged by U.S. Department of Justice
Earlier this week, two Julius Baer Group Ltd. client advisers were charged with helping U.S. customers of the Zurich- based bank evade taxes, according to an indictment and a person with knowledge of the matter.
What if You Missed the OVDI Deadline?
Although the OVDI program has expired, a U.S. taxpayer can still make a voluntary disclosure of foreign accounts pursuant to the IRS’s general voluntary disclosure policy. For over 50 years, the IRS has maintained a