Are You Ready For New FATCA Enforcement in 2020?
...of each entity owner The account number The account balance Gross dividends, interest and other income paid or credited to the account End of FATCA grace period Due to the...
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Reasonable Cause Defense Denied: FBAR Penalties Assessed by Court
...money in non-US SEC funds, which he was advised would be non-taxable. The maximum value of the UBS account was $999,350 in 2006. In 2010, Agrawal closed the account at...
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...
Start or review an “Accountable Plan”
...tax return. Given the changes, it is a good time for advisors to establish their clients’ Accountable Plans. A good Accountable Plan creates tax savings both for you and your...
The IRS Large Business and International division (LB&I) has announced a new Post OVDP Compliance enforcement campaign
...offshore bank accounts, as a result, they suggested the campaign. The IRS Post OVDP Compliance enforcement campaign goal is to improve return selection, identify issues representing a risk of non-compliance,...
Details of the Streamlined Foreign Offshore Procedures (SFOP)
...each spouse, then each spouse needs to disclose that on the chart on the Form 14653 or in an attachment thereto. Also in October 2017, the IRS revised Form 14653...
Details of the Streamlined Domestic Offshore Procedures
...FBARs for each of the most recent six years for which the FBAR due date has passed, the taxpayer must submit: (1) amended tax returns, together with all required information...
The IRS is Hiring: Expect New Enforcement
...speech given by the new IRS Commissioner Chuck Rettig where he mentioned a few intriguing areas of concern. Despite budget cuts, Commissioner Rettig stated that the IRS is rapidly increasing...
The New IRS Voluntary Disclosure Practice: Not a Good Deal for Noncompliant Taxpayers
...persuasively argue for such reduced penalty; Willful FBAR penalties (greater of $100,000 or 50% of the amount in the account at the time of the violation) will be asserted in...
US Court finds non-willful FBAR penalty not limited to $10,000 per year
...financial account constitutes the non-willful FBAR violation.” This means that each unreported foreign financial account (which is often defined by each account number) could attract a $10,000 penalty. Given the...
Traveling? Resolve Tax Debt Before Getting Your Passport
...which the IRS has filed a Notice of Federal Tax Lien and the period to challenge it has expired or the IRS has issued a levy. Before denying a passport...
Make Sure You have Filed FATCA Compliance Certifications
We have recently published the below article in Money Life, a weekly online finance magazine. https://www.moneylife.in/article/make-sure-you-have-filed-fatca-compliance-certifications/56190.html Many Indian banks and financial institutions have in recent years been requesting customers to...