...June 2014. The streamlined filing compliance procedures, which is for non-willful taxpayers, require a 5% penalty for resident taxpayers and a 0% penalty for nonresident taxpayers. This IRS statistic is...
...has major penalties. However, the IRS has modified one of its amnesty programs, the Streamlined Offshore Filing Procedures, to eliminate late filing and FBAR (Foreign Bank Account Report) penalties. Under...
...obligations. Both the Offshore Voluntary Disclosure Program (OVDP) and the streamlined procedures enable taxpayers to correct prior omissions and meet their federal tax obligations while mitigating the potential penalties of...
http://www.irs.gov/uac/Offshore-Tax-Avoidance-and-IRS-Compliance-Efforts Offshore Tax-Avoidance and IRS Compliance Efforts The IRS continues to uncover abusive tax-avoidance schemes involving offshore activity. Find information here pertaining to Union Bank of Switzerland (UBS). Aug. 19,...
...taxable gifts by a covered expatriate and for taxable estates of a covered expatriate, i.e., property that is otherwise subject to U.S. gift or estate tax by the covered expatriate...
...also receive information from the US regarding their taxpayers with U.S. accounts. According to IRS pronouncements, the IRS has said that the following 34 countries, including most developed countries, have...
...is a major milestone in IRS efforts to combat offshore tax evasion through FATCA and the intergovernmental agreements,” said IRS Commissioner John Koskinen. “FATCA is an important tool against offshore...
In 2009, the IRS had introduced an Offshore Voluntary Disclosure Initiative/Program (OVDI/OVDP). In following years, the program was reintroduced and revised. When it comes to addressing offshore filing deficiencies, several...
...taxable person (U.S. citizens or U.S. green card holders) owns a controlling stake in a foreign business, that business is likely a Controlled Foreign Corporation (CFC) for U.S. tax purposes....
...Tax Return filing deadlines, but it also means that taxpayers and tax-return preparers have additional work to do by those tax return filing deadlines and that the FBAR deadline for...
...series of intergovernmental agreements with tax authorities in foreign countries, most of which allow them to act as intermediaries before the information is given to the IRS. IRS Notice 2015-66,...
...counsel in filing the delinquent FBAR submission procedure. Delinquent FBAR Submission Procedures Taxpayers who do not need to use either the OVDP or the Streamlined Filing Compliance Procedures to file...
