...it will continue to use tools besides voluntary disclosure to combat offshore tax avoidance, including taxpayer education, whistleblower leads, civil examination and criminal prosecution. The IRS continues to use streamlined...
This year taxpayers who either were denied access to or withdrew from the IRS Offshore Voluntary Disclosure Program (OVDP) have been receiving Letter 5935 (HERE) from the IRS notifying them...
...Fort, Chief, IRS Criminal Investigation. “Stopping offshore tax noncompliance remains a top priority of the IRS.” Streamlined Procedures and Other Options A separate program, the Streamlined Filing Compliance Procedures, for...
...increase penalties it levies against offshore tax evaders. Under US law, Americans and others with US tax obligations, such as greencard holders, must disclose any foreign financial accounts worth more...
...statutes, the Tax Court ultimately determined that the statute being used to assess additional income taxes from non-compliant taxpayers with foreign accounts could not be used for tax years prior...
...taxed to the beneficiaries instead of to the trust) ultimately results in a tax savings between the trust and the beneficiaries. To manage the tax burden of a complex trust,...
Last week the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) again extended the deadline for certain financial professionals to file foreign bank accounting reporting forms known as FBARs. In FinCEN...
The Internal Revenue Service advised tax professionals today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. The new tax law...
President Donald Trump signed the new 2018 tax law “Tax Cuts & Jobs Act” (TCJA) last week. The new TCJA law is a sweeping overhaul of the tax code. Generally,...
...with tax returns that must be filed by April 2019. The following is a summary on some of the important individual tax changes: Tax rates: The new law lowers tax...
...the interest so you can get the tax savings in 2017. Another deduction that’s going away in 2018 is for tax preparation services. Ask your accountant now for the invoice...
...passports of taxpayers with seriously delinquent tax debts. The IRS plans to start using this penalty in January 2018. Specifically, if you have a so called “seriously delinquent tax debt”,...
