...and income compliance issues. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients...
...and Foreign Bank Account Reports (FBAR) to report foreign accounts and assets. With such comprehensive databases, noncompliant taxpayers should beware; the government has better and more complete information than ever....
...the U.S. Department of Justice’s voluntary disclosure program, the department said on Monday. The U.S. government program allows Swiss banks to avoid prosecution by coming clean about their cross-border business...
...that it’s a bad bet to hide money and income offshore,” said IRS Commissioner John Koskinen. “Taxpayers are best served by coming in voluntarily and getting their taxes and filing...
...Service is a milestone in the implementation of FATCA,” said IRS Commissioner John Koskinen. “With it, comes the start of a secure system of automated, standardized information exchanges among government...
...sophistication and education of the taxpayer; whether foreign entities were involved as accountholders; documents provided to open the account [i.e. U.S. or foreign passport(s), identification card, etc.]; communications, if any,...
...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...
...the list may grow as FATCA is implemented, the current list of those banks include: HSBC India • UBS AG • Credit Suisse AG, Credit Suisse Fides, and Clariden Leu...
...taxpayers who made submissions under the 2012 Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer U.S. Taxpayers: The risk assessment process associated with the 2012 Streamlined Filing Compliance Procedures for Non-Resident,...
...United States. The agency says the changes are anticipated to provide thousands of people a new avenue to come into compliance with their U.S. tax obligations. They come as FATCA...
...The SDOP requires filing only three years of amended income tax returns and assesses a 5% penalty of the highest account balance. In comparison, the current OVDP program requires eight...
...years) and is only available online through the BSA E-filing system website. A link to the BSA E-filing system is attached: http://bsaefiling.fincen.treas.gov/main.html And a link to Form 114a follows:...
