Search Results for: streamlined filing compliance procedures
New Online System for Filing Your Report of Foreign Bank and Financial Accounts (FBAR)
…advantage of e-filing, each spouse must file separately. FinCEN said paper forms will still be accepted. The agency also said it is working on developing software for preparing and filing…
Form 3520 Penalty Relief
…been automatically abating late filing penalties without the need for taxpayers to request penalty relief. Late filing penalty relief will continue to be applied to returns received through September 30,…
New Mandatory E-filing Form 8300 for Reporting of Large Cash Currency Transactions
…the government fight tax evaders, drug traders, and those who finance terrorism. Businesses can create an account with FinCen’s BSA E-Filing System to e-file Forms 8300. A person generally must…
IRS Reduces Administrative Burden (for the first time) of Filing Some Forms 3520 and/or Forms 3520-A
…and tax-favored foreign non-retirement savings trusts. Prior to the issuance of this Revenue Procedure, there has been very little guidance from the IRS on the filing requirements for most foreign…
Cost of Compliance Rises under OVDP
The cost of compliance for many people is growing. Those U.S. persons with bank accounts in foreign jurisdictions who have yet to come into compliance with U.S. tax filing requirements…
U.S. Taxpayers at New Risk of Audit from OVDP Declines and Withdrawals Campaign
…years are in compliance and that compliance can be proven. Taxpayers who have otherwise yet to resolve their offshore noncompliance are encouraged to seek legal counsel and consider entering the…
Top 4 Exceptions to FBAR Filing Requirement
…owned with the filing spouse; (2) the filing spouse reports the jointly owned accounts on a timely filed FBAR electronically signed; and (3) the filers have completed and signed Form…
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…
How to Fix an Erroneous Filed Tax Return without Penalties
…a superseding tax return at any time after filing an original return and before the due date for filing such a return has passed. Thus, a taxpayer whose return is…
Small PFIC Exception to Filing Form 8621
The Form 8621 filing requirements for shareholders of a passive foreign investment company (PFIC) are in effect for the current tax season. The annual filing requirement is imposed on U.S….
New Jersey Department of Revenue publishes “Manual of Audit Procedures”
On March 7th, the New Jersey Department of Revenue released its “Manual of Audit Procedures” to the public, which is intended to provide a comprehensive overview of the procedures and…
IRS announces two new intriguing targeted enforcement campaigns
…Disclosure Program (OVDP) Compliance enforcement campaign The new Post OVDP Compliance enforcement campaign was recently announced as a result of IRS data analysis and suggestions from IRS employees. IRS employees…
Foreign Proprietorship: Form 8858 Filing Requirement
…FDE is dormant, Form 8858 is necessary for any individual who meets the filing requirements. However, you may be able to use a simpler procedure known as a “summary filing”…
The IRS Large Business and International division (LB&I) has announced a new Loose Filed Forms 5471 compliance enforcement campaign
…risk of non-compliance, and make the greatest use of IRS limited resources. Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, must be attached to an…
The IRS’s First-Time Abatement (FTA) Penalty Waiver
…and payment compliance and a three-year clean penalty history. To meet the filing compliance requirement, the taxpayer must have filed or filed a valid extension for all currently required returns…
Substantially Completed Form 5471 is Required to be Filed
…more of the required information than not (an aggregate approach) qualify as substantial compliance. Rather, it was more important to determine substantial compliance on a significant item by significant item…
FBAR compared to Form 8938: Differences, Which to File, When to File, etc.
…through FinCENs BSA E-Filing System. The FBAR is not filed with a federal tax return.PenaltiesUp to $10,000 for failure to disclose and an additional $10,000 for each 30 days of non-filing…
New FBAR Deadline applies to 2016 Tax Year Onwards
…Tax Return filing deadlines, but it also means that taxpayers and tax-return preparers have additional work to do by those tax return filing deadlines and that the FBAR deadline for…
News from the 2014 Criminal Fraud and Tax Controversy Conference
…charge of the IRS Streamlined program), said that there are differences between the OVDP and Streamlined, particularly noting to Streamlined “requires a certification of non-willfulness, and a false certification could…
The Tax Heat is On
…iteration of which is an open-ended program that began in January 2012 (modified in 2014), and the newer streamlined procedures, offered beginning in 2012 and also modified in 2014 to…
IRS Offshore Voluntary Disclosure Programs Continue to Burden “Benign Actors” and Damage IRS Credibility
…those with simple returns and owing less than $1,500 in tax – to file the returns without triggering penalties (the “Streamlined Nonresident Filing Initiative”). In January 2013, following the National…
The New IRS Voluntary Disclosure Practice: Not a Good Deal for Noncompliant Taxpayers
…Office of Appeals. The VDP does not impact the existence of the IRS’ Streamlined filing compliance procedures. The Advantages and Disadvantages of the IRS New Voluntary Disclosure Practice: Advantages: Avoidance…
IRS Passport Revocation or Denial for Unpaid Taxes
…financial accounts. Now is the time to become tax compliant, there are various options to achieve this. You may want to participate in the IRS’ Streamlined Filing Compliance Procedures (SFCP)…
FATCA Enforcement Softens
…assess their new withholding and reporting processes and procedures to ensure robust compliance before 2016. Implications: “Good faith” is clearly a facts-and-circumstances test that each withholding agent, with its advisers,…
IRS Announces New Rules for FBAR Penalties
…account and not per FBAR; however, in practice, our firm has seen application on a per FBAR filing. Additionally, the penalties are assessed for each year there is a violation….
Global Enforcement of FATCA: Something to Worry About
The Foreign Account Tax Compliance Act (FATCA) is about disclosure and transparency, but in part is to catch Americans trying to stash money overseas. Controversially, FATCA orders every foreign bank…
Opting Out of the Offshore Voluntary Compliance Initiative Programs
As with other IRS’ 2009 and 2011 offshore voluntary compliance initiatives, the 2012 program gives no discretion to the IRS agents to reduce penalties. If a participant does not believe…
New FBAR Deadlines and Penalty Relief available
…authority to grant a six-month FBAR filing extension period ending on October 15. Such an extension had not previously been available for filing of the FBAR forms. Although the Act…
NJ Division of Taxation Offers Offshore Voluntary Compliance Initiative
The New Jersey Department of Treasury, Division of Taxation announced today that it will offer a Second Voluntary Compliance program to complement the Internal Revenue Service Second Special Voluntary Disclosure…
Seminar: Navigating Foreign Waters: The Complex Requirements of Foreign Accounts Compliance on US tax laws
…Complex Requirements of Foreign Accounts Compliance on US tax laws to tax professionals on foreign account disclosure, FBARs, and compliance programs to The Institute of Chartered Accountants of India (ICAI)…