Significant FBAR Penalties Upheld by Court
...the IRS on her tax return and on Foreign Bank Account Report (FBAR) forms. In 2009, when the IRS introduced its Offshore Voluntary Disclosure Program (OVDP), she joined the program...
Search Results for: sfop/planning-for-tax-minimization/irs-streamlines-its-streamlined-offshore-procedures-with-more-user-friendly-forms
Analysis: IRS New Disclosure Program
...Correction Procedures Remain Unaffected The memorandum importantly states that the IRS’ Streamlined Filing Compliance Procedures, the Delinquent FBAR submission procedures, and the Delinquent International Information Return submission procedures are still...
New IRS Voluntary Disclosure in 7 Steps
The following are the seven steps of the new updated IRS voluntary disclosure process: A taxpayer will make a voluntary disclosure preclearance request using IRS Form 14457 to IRS Criminal...
IRS Updated Voluntary Disclosure Practice is a Game-Changer
...change other IRS programs, such as the IRS Streamlined Compliance Procedures (for non-willful US persons) including the popular Streamlined Domestic Offshore Procedures and Streamlined Foreign Offshore Procedures. The Updated VDP...
New Post-OVDP IRS Voluntary Disclosure Procedures Announced
...Filing Compliance Procedures (for non-willful taxpayers). Hence, taxpayers with offshore accounts who did not commit any tax or tax-related crimes and do not need the voluntary disclosure practice to seek...
New Jersey Tax Amnesty program
...(Set-Off of Individual Liability) debts from agencies other than the Division of Taxation; local property taxes; fees assessed by the Division of Revenue; Motor Carriers Road Use Taxes; payroll taxes...
The IRS can revoke your passport
...a taxpayer is notified of such pending revocation, that the taxpayer, nor their power of attorney are notified. The Taxpayer Advocate Service (TAS) is an independent organization within IRS whose...
New Jersey Enacts Tax Amnesty Bill
...filed a tax return to report the tax due for which the taxpayer is seeking amnesty, the taxpayer must file the required return(s) on or before the last day of...
The TCJA and the Future of American Taxpayers
Our article on the new tax law was published today by the American Bar Association below… https://www.americanbar.org/groups/gpsolo/publications/gpsolo_ereport/2018/june-2018/tcja-future-american-taxpayers.html The TCJA and the Future of American Taxpayers Vol. 7, No. 11 Parag...
Federal District Court Holds that FBAR Penalties in Excess of $100,000 is Unlawful
...penalty for failure to file an FBAR to $100,000. The taxpayer argued, and the court agreed, that the IRS acted arbitrarily and capriciously in assessing penalties in excess of the...
2018 ABA COMMENTS ON THE OFFSHORE VOLUNTARY DISCLOSURE PROGRAM AND THE STREAMLINED PROGRAMS
...Request”).1 These Comments address issues related to the Offshore Voluntary Disclosure Program (“OVDP”) and the “Streamlined Filing Compliance Procedures” (“Streamlined procedures”), which consist of the Streamlined Domestic Offshore Procedures (“SDOP”)...
New FBAR Court Case Makes it Easier for Taxpayers to be Deemed Willful
...recent decision by the IRS to end the Offshore Voluntary Disclosure Program on September 28, 2018. Taxpayers who wish to join the OVDP need to make complete offshore voluntary disclosures...