Tag Archives: ovdi
IRS Collects $10 Billion From Voluntary Disclosures of Foreign Assets
The Internal Revenue Service’s efforts to prod taxpayers to disclose their offshore bank accounts and pay taxes on their holdings have reached the $10 billion mark and prompted over 100,000 taxpayers to come forward, the IRS said last Friday in
India and the US have agreed to collaborate on offshore tax evasion
India and the US have agreed to again enhance collaboration on tackling offshore tax evasion and increase cooperation in sharing of cross-border tax information after the United States Treasury and India’s Ministry of Finance met last week. Following the conclusion
Streamlined Filing Compliance Procedure’s New Revisions to Streamlined Domestic Offshore Procedures (SDOP)
In the midst of tough tax season, many U.S taxpayers are unfortunately surprised to discover that they have a U.S. tax reporting obligation on financial accounts or assets held overseas. Once they discover their tax and reporting obligation, there are
Streamlined Filing Compliance Procedure’s New Revisions to Streamlined Foreign Offshore Procedures (SFOP)
In the midst of tough tax season, many U.S taxpayers are unfortunately surprised to discover that they have a U.S. tax reporting obligation on financial accounts or assets held overseas. Once they discover their tax and reporting obligation, there are
The Tax Heat is On
At the recent American Bar Association meeting held on January 29, 2016, the acting Attorney General for the tax division disclosed that the IRS and US Department of Justice are now focusing bank investigations in Belize, the British Virgin Islands,
New IRS guidance Announced for IRS Streamlined Offshore Procedures.
In the midst of tough tax season, many U.S taxpayers are unfortunately surprised to discover that they have a U.S. tax reporting obligation on financial accounts or assets held overseas. Once they discover their tax and reporting obligation, there are
What is a “FATCA Compliance Certificate”?
Many foreign banks and financial institutions have recently been asking customers for a “FATCA Compliance Certificate”. The reason for the request is that your country and the US probably signed an agreement to implement the Foreign Account Tax Compliance Act (FATCA), which
Protective Filing of Information Returns
There is an increased focus by the Internal Revenue Service (IRS) on offshore activities. There are tax return and information return filing obligations that may be associated with foreign income, assets and transactions. Many taxpayers (including non-U.S. persons who might
What FATCA Means to You and Your Investments
You may have recently received a letter from your financial institution or investment firm asking for some of your personal details. Typically the letter requests many personal, tax and residency details, such as your country of birth, the country in
Top myths of US tax compliance for Foreign Accountholders
There is a lot of misinformation so we decided to debunk the top myths of US tax compliance. Myth #1: I don’t have to file US taxes if I live abroad. The US is one of the few countries who
FATCA Deadlines Extended
Many of our tax-noncompliant clients are fearful of being involuntary discovered through the impending FATCA disclosures of their foreign accounts by their foreign banks. The Internal Revenue Service has issued a notice extending the time under which certain transitional rules
The Tax Issues of Expatriation
The “United States Permanent Resident Card”, also known as a Green Card, as a work and residence permit for the USA of unlimited duration and as an immigration visa, constitutes an admission ticket to the USA. However, possession of a
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Recent Posts
- Improving Voluntary Compliance: Reform the IRS Criminal Voluntary Disclosure Practice January 13, 2025
- NJCPA Seminar: “A New Foreign Frontier: Foreign Income & Asset Reporting Update ” December 15, 2024
- Live Webinar on U.S.-India Tax Planning: Key Issues, Tax Treaties: Limited Free Registrations Available December 9, 2024
- New IRS Form Simplifies Section 83(b) Election for Restricted Stock December 7, 2024
- Taxpayer Wins Form 5471 Penalty Case December 3, 2024
- NJCPA Seminar “Federal Tax Enforcement Update on What to Expect for the Unexpecting: What Tax Professionals Need to Know to Help Clients & Themselves” December 1, 2024
- Analysis of the Revised Form 14457: Key Changes to the IRS Voluntary Disclosure Practice November 30, 2024
- IRS Changes Rules (Again) for Forms 1099-K Issuance from Venmo, Paypal, etc. November 27, 2024
- NJ Men Indicted for Conspiring to Defraud IRS Through Cash Wage Scheme November 16, 2024
- Middlesex County Man Admits Structuring over $250,000 in Deposits to Evade Reporting Requirements November 1, 2024
- Trump and Harris Tax Plans: A Concise Comparison October 20, 2024
- Parag Patel Esq. presents NJCPA Seminar “2024 Federal Tax Update and Latest Tax Controversy Hot Topics” October 20, 2024