There was an IRS termination of the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. On November 20, 2018, following the OVDP notice of termination, there was a release of a Memorandum announcing the...more
IRS Large Business and International (IRS LBI) currently has 59 Active Compliance Campaigns. The purpose of the IRS compliance campaign strategy is to redefine large business compliance work and build a supportive...more
10/11/2019
/ Cooperative Compliance Regime ,
Expatriates ,
FATCA ,
Foreign Earned Income ,
Foreign Tax Credits ,
Income Taxes ,
IRS ,
Life Insurance ,
MVPD ,
Noncompliance ,
Offshore Banks ,
OVDP ,
S-Corporation ,
Swiss Banks ,
Tax Audits ,
Tax Credits ,
Tax Planning ,
Tax Treaty ,
TEFRA ,
Variable Annuities ,
Virtual Currency
On June 20, 2019, the National Taxpayer Advocate (TA), an independent organization within the IRS that helps taxpayers and protects taxpayer rights, issued a final Report to Congress. A section of the report focused on the...more
9/27/2019
/ Amended Rules ,
Burden of Proof ,
Criminal Liability ,
Criminal Penalties ,
FBAR ,
Foreign Assets ,
IRS ,
Offshore Funds ,
OVDP ,
Reporting Requirements ,
Voluntary Disclosure
El 15 de marzo del 2019, el IRS informó que la ocultación de dinero o activos en cuentas extraterritoriales (“offshore”) no declaradas permanece en la lista de las estafas tributarias conocidas come la Docena Sucia o "Dirty...more
5/13/2019
/ FATCA ,
FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
IGAs ,
Income Taxes ,
IRS ,
Offshore Banks ,
Offshore Funds ,
OVDP ,
Tax Evasion ,
Tax Liability ,
Tax Returns ,
Tax Scams
On March 15, 2019, IRS reported that hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019....more
5/13/2019
/ FATCA ,
FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
IGAs ,
Income Taxes ,
IRS ,
Offshore Banks ,
Offshore Funds ,
OVDP ,
Tax Evasion ,
Tax Liability ,
Tax Returns ,
Tax Scams
Ahora que el IRS lleva cuatro años intercambiando datos de FATCA en sus computadoras y se está embarcando en una Campaña de Exactitud de Presentación de FATCA, existe una urgencia especial para los Contribuyentes...more
5/1/2019
/ Cooperative Compliance Regime ,
Delinquency Status ,
Failure to Comply ,
FATCA ,
FBAR ,
FFI ,
Foreign Financial Institutions (FFI) ,
IRS ,
OVDP ,
Passports ,
Reporting Requirements ,
Tax Debt ,
Tax Planning ,
Tax Returns
Now that IRS has four years of FATCA exchanged data in its computers and is embarking on a FATCA Filing Accuracy Campaign, there is a special urgency for noncompliant U.S. Taxpayers that did not previously exist....more
5/1/2019
/ Cooperative Compliance Regime ,
Delinquency Status ,
Failure to Comply ,
FATCA ,
FBAR ,
FFI ,
Foreign Financial Institutions (FFI) ,
IRS ,
OVDP ,
Passports ,
Reporting Requirements ,
Tax Debt ,
Tax Planning ,
Tax Returns
After the closing of the Offshore Voluntary Disclosure Program (OVDP) - which ended on September 28, 2018, the US Department of Treasury released a Memorandum on November 20, 2018, disclosing an “Updated Voluntary Disclosure...more
On September 28, 2018, the IRS closed the Offshore Voluntary Disclosure Program (2014 OVDP). The 2014 OVDP (and prior 2011 and 2009 programs) had the purpose of providing Taxpayers that WILLFULLY failed to report foreign...more
Pasaporte -
La capacidad del IRS para negar o revocar los Pasaportes de los Contribuyentes con "deuda tributaria gravemente morosa mayor de $50,000" es un problema abrumante que actualmente enfrentan los Contribuyentes de...more
2/1/2019
/ Back Taxes ,
Controlled Foreign Corporations ,
Delinquency Status ,
FATCA ,
GILTI tax ,
International Travel ,
IRS ,
OVDP ,
Passports ,
Tax Debt ,
Tax Planning
Passport -
The IRS ability to deny or revoke the Passports of Taxpayers with “seriously delinquent tax debt greater than $50,000” is a distressing problem currently being encountered by U.S. Taxpayers...more
2/1/2019
/ Back Taxes ,
Controlled Foreign Corporations ,
Delinquency Status ,
FATCA ,
Foreign Financial Institutions (FFI) ,
GILTI tax ,
International Travel ,
IRS ,
OVDP ,
Passports ,
Tax Debt ,
Tax Planning
When IRS reviews a criminal tax case, consideration is given to various factors such as whether a voluntary disclosure was made, whether prosecution exists, the health, age and mental condition of the Taxpayer and whether a...more
On March 13, 2018, IRS announced the termination of the Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018 (Notice IR-2018-52). ...more
In January 2017, the IRS Large Business and International Division initially announced the launch of a “compliance campaign process” in which IRS identifies compliance issues that present risk and require a response in the...more
7/12/2018
/ Captive Insurance Company ,
Cooperative Compliance Regime ,
Energy Sector ,
Financial Transactions ,
Foreign Tax Credits ,
Internal Revenue Code (IRC) ,
IRS ,
Land Developers ,
Life Insurance ,
Non-Resident Income Taxes ,
OVDP ,
Pass-Through Entities ,
Popular ,
Repatriation ,
S-Corporation ,
Tax Credits ,
Tax Deferral ,
TEFRA ,
Variable Annuities ,
Withholding Tax
On April 9, 2018, IRS released Notice (IR-2018-87) to remind Taxpayers that hold foreign assets of their U.S. tax obligations which could include a filing requirement and a U.S. tax liability. This Notice applies to all U.S....more
4/13/2018
/ Banking Sector ,
FATCA ,
FBAR ,
Foreign Financial Accounts ,
IRS ,
Offshore Funds ,
OVDP ,
Reporting Requirements ,
Tax Evasion ,
Tax Planning ,
Voluntary Disclosure
El 13 de marzo del 2018, el IRS anunció la terminación del Programa de Divulgación Voluntaria De Cuentas en el Extranjero (“OVDP”) desde el 28 de septiembre del 2018 (Notificación IR-2018-52). El OVDP ha estado disponible...more
On March 13, 2018, IRS announced the termination of the Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018 (Notice IR-2018-52). ...more
Desde la crisis financiera mundial que comenzó en el 2007, los contribuyentes Estadounidenses e Internacionales han estado bajo un escrutinio creciente. El sistema financiero ha sido fuertemente regulado y monitoreado de...more
Since the Global Financial Crisis that began in 2007, domestic and international Taxpayers have been under increasing scrutiny. The financial system has been heavily regulated and closely monitored. In addition, the US Tax...more
A significant number of US Taxpayers living overseas have become “unbankable” where they live because of high account servicing costs for local banks (Foreign Financial Institutions – also known as FFIs) caused by the...more
First, the Panama Papers, and now… the Paradise Papers. The Paradise Papers contain the names of approximately 31,000 US citizens, including entities, or persons with US addresses....more
Taxpayers with unreported foreign financial assets and income run the risk of having the Government determine if their conduct was willful or non-willful. The definition of “Willful" or "non-willful” in Taxpayer’s conduct...more
Taxpayers need to rely on the expert professional advice of a tax specialist for the treatment of Passive Foreign Investment Companies (PFICs) during Offshore Voluntary Disclosure Program (OVDP) reporting. PFIC computations...more
The Report of Foreign Bank and Financial Accounts (FBAR) is not a tax form. Its filing is not required by the Internal Revenue Code. It is required by Title 31 of the Code of Federal Regulations. Title 31 is the Bank Secrecy...more
6/19/2017
/ Bank Secrecy Act ,
Banking Sector ,
FATCA ,
FBAR ,
Filing Requirements ,
Foreign Bank Accounts ,
Foreign Financial Accounts ,
Income Taxes ,
IRS ,
Memorandum of Understanding ,
OVDP ,
Tax Penalties
Given the information publicly revealed by “Panama Papers”, and recent IRS reminders to out-of-compliance US Taxpayers to come into full compliance with their federal tax obligations, it is critical that Bankers and Financial...more