Tag Archives: Streamlined Filing Compliance Procedures and the Offshore Voluntary Disclosure Program
New Unreported Offshore Assets case: Bad facts leads to bad results
A resident of Connecticut who was originally from Korea has been hit with a record civil penalty of $14M, a six month prison sentence, and a fine of $100,000 for failing to report Swiss bank accounts totaling around $28M, the
IRS Announces New Investigative Units
In a press call on August 2, 2017, the Chief of the Internal Revenue Service’s (IRS) Criminal Investigation Division (“IRS-CI” or CID), John D. Fort, announced two new enforcement initiatives: a National Coordinated Investigations Unit and an International Tax Enforcement
New IRS IRM with Updated Streamlined Filing Compliance procedures
The Internal Revenue Manual (IRM) is essentially the IRS employee handbook on how to carry out all administrative and procedural matters, such as how to audit specific tax returns, collect taxes, process returns, or assess penalties. The IRM may be
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
Cost of Compliance Rises under OVDP
The cost of compliance for many people is growing. Those U.S. persons with bank accounts in foreign jurisdictions who have yet to come into compliance with U.S. tax filing requirements have very little time. In addition to the increased amount
New FATCA Enforcement Expected
The IRS has tightened its enforcement of the Foreign Account Tax Compliance Act (“FATCA”). FATCA was enacted in 2010 by Congress to target non-compliance by U.S. taxpayers using foreign accounts. FATCA requires foreign financial institutions (FFIs), i.e., foreign banks, to
NY Art Consultant Indicted for Filing False Tax Returns and Failing to File FBARs
Last week, on July 28, 2016, the United States Department of Justice announced an indictment against Lacy Doyle for obstructing the administration of tax laws and filing false foreign bank account report (FBARs). Doyle was arrested in New York. In
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
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
News from the 2014 Criminal Fraud and Tax Controversy Conference
We just returned last week from attending the Criminal Fraud and Tax Controversy Conference in Las Vegas, sponsored by the American Bar Association Section of Taxation where many government officials were in attendance. Below are some interesting observations: On the
IRS Streamlined Filing Compliance Procedures Seminar
The Internal Revenue Service announced major changes in its offshore voluntary compliance programs, providing new streamlined filing compliance procedures to help both taxpayers residing overseas and those residing in the United States. The streamlined filing compliance procedures are game changers
Streamlined Procedures for U.S. Taxpayers Residing In the United States
Many of our clients are interested in the new Streamlined Filing Compliance Procedures, which were recently announced by the IRS. Therefore, we are providing more general information on the Procedures. General Eligibility: The modified Streamlined Filing Compliance Procedures are designed for only
IRS announces new Streamlined Filing Compliance Procedures
The IRS announced substantial changes to both the Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer Taxpayers and the Offshore Voluntary Disclosure Program (OVDP) on June 18, 2014. Effective July 1, 2014, the IRS is making it easier for individuals to
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Recent Posts
- Changes to Legal Documents in light of the Coronavirus pandemic March 29, 2020
- US FATCA Enforcement Softens due to Coronavirus March 25, 2020
- Planning in the Time of Coronavirus March 17, 2020
- IRS Reduces Administrative Burden (for the first time) of Filing Some Forms 3520 and/or Forms 3520-A March 4, 2020
- Planning for Dependent (or not Independent) Family Members March 2, 2020
- The IRS is Assessing Form 3520 Foreign Information Reporting Penalties February 21, 2020
- 2020 New Year’s Tax Planning Resolutions: Resolve To Plan Better January 27, 2020
- The InSECURITY of the SECURE Act January 24, 2020
- Are You Ready For New FATCA Enforcement in 2020? January 2, 2020
- No Clawbacks for Gifts if Estate Tax Exemption Changes December 27, 2019
- Reasonable Cause Defense Denied: FBAR Penalties Assessed by Court December 19, 2019
- IRS announces two new intriguing targeted enforcement campaigns September 12, 2019