Search Results for: fatca
IRS announces new Streamlined Filing Compliance Procedures
…determine the most advantageous route in light of these new rules. As FATCA continues to go fully online, the cost and risk of doing nothing seems to have gone up…
New IRS Disclosure Program Announced for Non-Resident Taxpayers: Streamlined Foreign Offshore Procedures
The United States’ IRS is moving to entice more taxpayers to disclose their unreported assets and income just weeks before implementation of the U.S. Foreign Account Tax Compliance Act (FATCA)….
Beware IRS Letter 6291
…Via FATCA and subpoenaed bank records, the IRS is in possession of records that identify taxpayers with transactions or accounts at offshore private banks. Soft letters are IRS correspondence to…
U.S. Taxpayers at New Risk of Audit from OVDP Declines and Withdrawals Campaign
…pre-clearance applications and Offshore Voluntary Disclosure Letters. Foreign Account Tax Compliance Act (FATCA) reporting is not expected to be a source of identification at this time. According to the Service,…
IRS collects over $5 billion in its its offshore voluntary disclosure programs
…specific financial institution. Our law firm expects unabated aggressive enforcement of the US tax laws, including FATCA with increased criminal prosecutions and civil audit examinations. We have been advising our…
OVDP Ineligibility Possibility Increases
…there is no stated deadline) because of the IRS’ continuing investigation of foreign banks. Our law firm expects unabated aggressive enforcement of the US tax laws, including FATCA with increased…
IRS Announces Penalty Mitigation for Smaller US Taxpayers Living Abroad
…the US tax laws, including FATCA with increased criminal prosecutions and civil audit examinations. We have been advising our clients to expect the unexpected (and the worst) in their tax…
FBAR Deadline Automatic Extension
…account disclosures that must now be made on a taxpayer’s annual income U.S. income tax return (e.g. Form 1040, Schedule B; and Form 8938 –“FATCA” disclosure). Beginning for the 2016…
Analysis of the new 2012 Offshore Voluntary Disclosure Program (OVDP)
…Account Tax Compliance Act (FATCA) and Foreign Financial Asset Reporting (Form 8938 and new IRC § 6038D) become effective. It is likely that the U.S. government will require foreign financial…