Skip to content
Tax Law Center Blog

Tax Law Center Blog

  • Tax & Foreign Assets
    • Tax Law Services
    • Foreign Asset Planning
  • About
  • Contact Us
Close Button

Tag: Streamlined Filing Compliance Procedures and the Offshore Voluntary Disclosure Program

New Unreported Offshore Assets case: Bad facts leads to bad results

1 February, 2018

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

Read More

IRS Announces New Investigative Units

7 November, 2017

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

Read More

New IRS IRM with Updated Streamlined Filing Compliance procedures

23 November, 2016

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

Read More

IRS Collects $10 Billion From Voluntary Disclosures of Foreign Assets

26 October, 2016

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

Read More

Cost of Compliance Rises under OVDP

19 October, 2016

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

Read More

New FATCA Enforcement Expected

4 September, 2016

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

Read More

NY Art Consultant Indicted for Filing False Tax Returns and Failing to File FBARs

6 August, 2016

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

Read More

Streamlined Filing Compliance Procedure’s New Revisions to Streamlined Domestic Offshore Procedures (SDOP)

28 March, 2016

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

Read More

Streamlined Filing Compliance Procedure’s New Revisions to Streamlined Foreign Offshore Procedures (SFOP)

23 March, 2016

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

Read More

What FATCA Means to You and Your Investments

12 November, 2015

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

Read More

News from the 2014 Criminal Fraud and Tax Controversy Conference

22 December, 2014

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

Read More

IRS Streamlined Filing Compliance Procedures Seminar

23 November, 2014

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

Read More

Posts pagination

Page 1 Page 2 Next page

Recent Posts

  • Still Waiting for Your Employee Retention Tax Credit?: ERC Refund LawsuitsMay 9, 2025
  • Parag Patel Esq. Speaks at Annual Convention of New Jersey Society of Certified Public AccountantsMarch 28, 2025
  • Parag Patel Esq. speaker at the National Association of Enrolled Agents (NAEA) Seminar “2025 Mid-Year Update”March 25, 2025
  • Navigating the Puzzle: Understanding Form 8938 Audit TriggersMarch 21, 2025
  • Navigating Inheritance: The Step-Up in Basis and Recognizing Implied Life Estates After DeathMarch 18, 2025

Pages

  • About Patel Law Offices
  • Delinquent FinCen Form 114 (FBAR) Filings
  • Delinquent or unfiled IRS Form 5471
  • Request A Free Educational Consultation

Law Firm Attorney WordPress Theme By Themespride