The Teeth of the Foreign Account Tax Compliance Act (FATCA)
...on the holdings of U.S. taxpayers. The IRS was recently forced to offer some relief from the onerous requirements for expatriates and dual citizens. The IRS has issued new proposed...
Search Results for: sfop/planning-for-tax-minimization/irs-streamlines-its-streamlined-offshore-procedures-with-more-user-friendly-forms
American Citizens Abroad (ACA) writes letter to IRS Commissioner regarding unfair offshore asset treatment
...to National Taxpayer Advocate Nina Olson’s taxpayer advocate directive (TAD) on the IRS offshore voluntary disclosure program (OVDP) despite a statutory requirement that taxpayer advocate recommendations be responded to within...
No tax = No Passport?
...tax purposes. Most foreign banks will ultimately report U.S. depositor account information to IRS. The IRS will then be able to assess tax, interest and penalties on the unreported income...
New IRS Form 8938 Statement of Foreign Financial Assets is causing significant confusion
...situation should be analyzed by a competent tax attorney. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our...
Key Issues in Business Tax Planning in New Jersey
Our firm presented in Lorman Seminars’ Key Issues in Business Tax Planning in New Jersey seminar last month. Seminar Overview Prevent costly mistakes by learning the essentials of New Jersey...
HSBC officially provides information on clients having accounts in India to the US Department of Justice and IRS
...come forward. The HSBC announcement should persuade offshore accountholders who cannot decide whether to disclose past foreign account noncompliance to enter the IRS’ Offshore Voluntary Disclosure Program (OVDP), which remains...
Six Estate Planning Myths
...Jersey imposes an Estate Tax on assets which exceed the New Jersey “Applicable Exclusion Amount”. New Jersey Estate Tax can be due even where no Federal Estate Tax is due....
NJ Tax Waiver Shortcut
New Jersey provides its taxpayers the opportunity to pay two “Death Taxes”: the New Jersey Inheritance Tax and the New Jersey Estate Transfer Tax. These taxes are transfer taxes (not...
Top 7 Costly Estate Planning Mistakes and How To Avoid Them
...can benefit from a will or some other form of estate planning. Avoiding or reducing estate taxes, saving estate administrative costs, specifying who will receive your estate and protecting your...
IRS Form 8938 and the Offshore Voluntary Disclosure Program (OVDP)
...a significant tool for the IRS to identify the scope of international tax non-compliance of a given U.S. taxpayer. The reason why Form 8938 is so useful for the IRS...
Analysis of the new 2012 Offshore Voluntary Disclosure Program (OVDP)
...going forward, the IRS cautioned. For example, the IRS may increase penalties in the program for all or some taxpayers or defined classes of taxpayers—or decide to end the program...
IRS Announces New 2012 Offshore Voluntary Disclosure Program (OVDP)
The Internal Revenue Service today reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes. The IRS reopened the Offshore Voluntary Disclosure Program...