IRS Publicizes and Celebrates OVDI Success
...“have provided the IRS with a wealth of information on various banks and advisors assisting people with offshore tax evasion, and the IRS will use this information to continue its...
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With No More Amnesty Program: Explore the IRS’s Traditional Voluntary Disclosure program
Even though the deadline for the Internal Revenue Service’s 2011 Offshore Voluntary Disclosure Initiative has concluded last week, U.S. taxpayers with undisclosed offshore accounts still have the opportunity to come...
New Extended Deadline for OVDI
...income was reported and all tax paid on the taxable income. The relevant FAQs as originally issued indicate that these delinquent forms could be filed by August 31, 2011 with...
Audit Beware: IRS’ Global High Wealth Industry Group
...That is starting to change Given the IRS’ zeal for unreported offshore accounts and income, high wealth taxpayers playing the “audit lottery” may have more to worry about than audits....
FATCAts
...FBAR is also a focus of the 2011 OVDI, which is the only IRS-approved method for eligible Americans with unreported offshore income and assets to ‘regularise’ their US tax affairs....
New York State Bar Association Proposes OVDI Changes to IRS
...procedures refer to taxpayers who have not made voluntary disclosures, taxpayers and practitioners have expressed concern that taxpayers who opt out of a voluntary disclosure program will face the same...
One Month Countdown: The Deadline is Nearing for U.S. Taxpayers with Undisclosed Accounts to Come Forward
...from the IRS indicates that this focus on offshore disclosure and compliance is only gathering momentum,” says Mr. Patel, whose practice concentrates on cross-border tax and estate planning solutions. Tax...
New Online System for Filing Your Report of Foreign Bank and Financial Accounts (FBAR)
...FBARs. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors...
In Addition to HSBC, Credit Suisse Also Being Investigated for Offshore Activities
...which is likely, it may be too late for U.S. taxpayers with undisclosed HSBC accounts to take advantage of the IRS Voluntary Disclosure Program for offshore accounts. The IRS says...
“Willfulness” When Deciding Whether to Opt Out of 2011 OVDI
The IRS recently posted guidance in its OVDI FAQs (#51) whether taxpayers should opt out of the 2011 Voluntary Disclosure Initiative’s (the “OVDI”) civil penalty structure. Taxpayers who participate in...
What HSBC India Accountholders Can Expect From the IRS
...IRS discovers the foreign financial account, the taxpayer’s accountant or other non-attorney could become a witness for the IRS against the taxpayer. This would not be the case if an...
Foreign Account Penalties Are Unfair
...government is realizing the unfairness of the offshore penalties. In her June 30, 2011 Report to Congress, U.S. Taxpayer Advocate Nina Olson criticizes the IRS over its Offshore Voluntary Disclosure...