...and the potential liability of the taxpayer and tax preparer. We will identify best practices for compliance and discuss the benefits and pitfalls of the IRS 2011 Offshore Voluntary Disclosure...
...to opt out. The first taxpayer mistakenly failed to report foreign income on his tax return but, because of foreign tax credits, had no tax deficiency relating to that income....
The IRS said last week that it is making available to taxpayers a 90-day deadline extension to participate in the 2011 offshore voluntary disclosure initiative (OVDI). The extension would be...
...successful prosecutions underscore the government’s aggressive investigations and enhanced scrutiny. U.S. taxpayers who have failed to report their interests in offshore accounts should consider voluntary disclosures and the pending IRS...
...for decades, and while it offers an amazing level of protection during life, it can have unintended consequences upon your death, possibly preventing your heirs from carrying out your final...
...Treasury. It is noteworthy that relatively small amounts of income, tax, and offshore assets were involved. The offshore accounts ranged from about $65,000 to $150,000. The nature of the offshore...
...IRS. When contacted, an HSBC spokesperson said, “HSBC does not condone tax evasion and fully supports US efforts to promote appropriate payment of taxes by US taxpayers.” US laws require...
In an effort to reach all taxpayers, including those ensnared in the pending HSBC subpoena to disclose customer names of non-resident indian customers with offshore accounts, the IRS has published...
...tax returns, false amended tax returns, and false FBARs. According to court documents, Ms. Bhasin of Huntington, NY, filed a false individual income tax return for 2008 that failed to...
...offshore investigations since 2000. Reeves has been the lead investigator for the IRS’s Offshore Credit Card Project, Offshore Private Banking Initiative and other offshore compliance initiatives since 2003. Reeves’ declaration...
...immediately and consider entering the IRS’ new offshore amnesty program. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems....
The IRS is conducting Anti-Money Laundering examinations (similar to tax audits) of jewelry, precious stones (including colored gems, diamonds, etc.), and precious metals businesses. The IRS is now in charge...
