The “Quiet” or “Silent” Disclosure
...quiet” or “silent” disclosure is that the taxpayer will just file her delinquent FBARs and amended (or original) U.S. tax returns reflecting the income associated with the offshore accounts, and...
Search Results for: sfop/planning-for-tax-minimization/irs-streamlines-its-streamlined-offshore-procedures-with-more-user-friendly-forms
IRS Publishes Useful Chart Outlining Compliance Options for Offshore Assets
The IRS has recently published a useful chart outlining options available to help US taxpayers with offshore interests. The new IRS chart correctly states that it “recognizes that its focus...
To Opt Out or Not Opt Out: That is the Question
...returns showing the income regarding the offshore accounts, and let the IRS decide whether to impose the statutory FBAR penalties. As per the IRS FAQs website, “Taxpayers who have already...
Explore the OVDI opt-out option: Argue for Penalty Mitigation
...firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally disclose (and legitimize) foreign accounts....
Opting Out of the OVDI Program: Argue for No Penalty and a Warning Letter
...firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally disclose (and legitimize) foreign accounts....
IRS collects over $5 billion in its its offshore voluntary disclosure programs
...those hiding assets offshore,” said IRS Commissioner Doug Shulman. “People are finding it tougher and tougher to keep their assets hidden in offshore accounts.” Shulman added the IRS OVDPs have...
Full Analysis of Updated 2012 OVDP Program
...are met, the IRS will not assert penalties against taxpayers who reported and paid tax on all their taxable income from transactions reported on information forms such as Form 5471,...
IRS offers tax opportunity to Americans living abroad
...secret offshore accounts that they have knowingly failed to disclose to the IRS. An IRS statement said the new guidelines were for “low compliance risk” taxpayers, generally people who have...
OVDP Ineligibility Possibility Increases
Yesterday the IRS stated that taxpayers’ eligibility to participate in the OVDP could be terminated if the foreign institution where you have your account faces IRS action. Once the U.S....
IRS Announces Penalty Mitigation for Smaller US Taxpayers Living Abroad
...tax returns and owe $1,500 or less in tax for any of the covered years. The IRS also announced that the new procedures will allow resolution of certain issues related...
Plan Now for Dynasty Trusts
...estate taxes until it reached its final recipient. Without using a Dynasty Trust, each generation would amass an estate tax to be paid. Rather than losing wealth on taxes, this...
OVDI: Requesting issuance of a FBAR warning letter instead of penalties
...unexpected (and the worst) in their tax treatment and disclosure of offshore assets. Taxpayers, who have not done so already, should explore the OVDP program to avoid criminal prosecutions and...