Top 4 Exceptions to FBAR Filing Requirement
...with hundreds of clients regarding their FBAR compliance issues. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. ...
Search Results for: sfop/planning-for-tax-minimization/irs-streamlines-its-streamlined-offshore-procedures-with-more-user-friendly-forms
Received a FATCA Letter from Your Foreign Bank?
...Accounts (FBAR) and a 1040 personal return, and whether the individual has availed himself or herself of the Offshore Voluntary Disclosure Program (OVDP) administered by the IRS to resolve tax...
BE-10 Report: A New Overlooked International Reporting Form
...the US Bureau of Economic Affairs by all U.S. persons who owned at least 10% of a foreign corporation, trust, estate or other unincorporated entity, at any time during the...
Educational Panel Discussion: The U.S. Government’s Global Crackdown on Tax Evasion: Where It Has Been and Where It Is Going
...financial assets did not result from willful conduct. The Streamlined Filing Compliance Procedures are available to both U.S. individual taxpayers residing outside of the United States and U.S. individual taxpayers...
Beware: IRS Reminds Taxpayers of FBAR Deadline
...Compliance Act, or FATCA, phases in and other international compliance efforts have raised awareness among taxpayers with offshore assets, the IRS noted. The IRS is encouraging taxpayers with foreign assets,...
New IRS Guidelines for Willful FBAR violations
...We find that the guidance is much needed in light of the lack of uniformity in the IRS’ application of FBAR penalties. The IRS has the burden of showing that...
New Much-Needed Guidance for Non-Willful FBAR violations
...per year. This memo is clearly helpful to taxpayers, since it indicates that maximum penalties should be the exception not the default starting point. While the IRS examiner has significant...
Beware of U.S. tax consequences to a foreign trust with a U.S. beneficiary
...and provide the IRS with the identity of the trustees and beneficiaries); and, (3) receipt of property or distribution from a foreign trust. Other Tax Consequences: Special Taxing Regimes: If...
The Tax Issues of Expatriation
...expatriation is a viable solution to getting out of the onerous US tax system. Unfortunately, US tax law prevents US taxpayers avoiding US tax liability by renouncing their US citizenship...
IRS expands use of Subpeonas
...target service providers that help facilitate offshore tax evasion both in the U.S. and abroad, said Brian Stiernagle, program manager of the IRS Offshore Compliance Initiative, speaking at the Offshore...
Another Taxpayer Found Guilty of Failure to File FBARs and Report Foreign Income
...which is another indication that there may be some cooperation occurring. In announcing the convictions, the IRS issued a statement saying, ”Hiding income and assets offshore is not tax planning,...
Helpful Non-willful FBAR penalty case decided by court
...IRS to use in assessing FBAR penalties. Thus, IRS can essentially fashion its own procedures for doing so, subject to constitutional limitations and the APA. Assessment fails to meet APA....