...file under the Streamlined Domestic Offshore Procedures (SDOP) or the Streamlined Foreign Offshore Procedures (SFOP). Our firm has recently received many inquiries regarding these new IRS Streamlined Offshore Procedures. These...
On 18 December President Obama enacted the Protecting Americans from Tax Hikes (PATH) Act of 2015, extending several temporary tax relief provisions either permanently or for two or five years....
...of the US government’s effort to address tax evasion. FATCA is rapidly becoming the global standard in the effort to curtail offshore tax evasion. FATCA REQUIREMENTS Put simply, under FATCA,...
...children, or relatives. Those doing so may further complicate their situation since the US has an elaborate gift tax regime, which taxes most gifts. To minimize US tax, green-card holders...
...however, are unclear. Additionally, it is unknown how the first time waiver provision will interact with the current Delinquent FBAR Submission Procedures for taxpayers who currently qualify for penalty waiver....
...files a tax return with respect to a given taxable year, then there is no statute of limitations on the IRS’s right to assess additional taxes for that year. Regardless...
...tax case in court. The proposed law has angered some groups, particularly citizens living abroad, who may not receive the IRS’s mail, since the IRS system is not set up...
...certification forms required to be filed by taxpayers seeking to avail themselves of the Streamlined Filing Compliance Procedures. The streamlined program was significantly expanded by the IRS in June 2014...
...effort to address tax evasion. FATCA is rapidly becoming the global standard in the effort to curtail offshore tax evasion. FATCA REQUIREMENTS Put simply, under FATCA, financial institutions will have...
...Tax Court has simplified procedures for taxpayers whose amount in dispute, including applicable penalties, is $50,000 or less per tax year. You can find these simplified small tax case procedures...
...Tax Forms Not every tax preparer will be familiar with the forms described below. If any of these forms apply to your situation, you will need to make sure that...
...for Streamlined Foreign Offshore Procedures, available at http://www.irs.gov/pub/irs-pdf/f14653.pdf. IRS Form 14654 – Certification by S. Person Residing Inside the United States Streamlined Domestic Offshore Procedures, available at http://www.irs.gov/pub/irs-pdf/f14654.pdf. requires...
