Tax Law – May 24, 2012

by Darrin Mish, Tampa Tax Attorney on 5/15/2012

Due to the IRS action of taxing foreign assets owned by US citizens, a number of Americans have decided to relinquish their citizenship to avoid paying taxes. Among the more prominent ones is Eduardo Saverin, co-founder of...more

by Armstrong Teasdale LLP on 5/14/2012

In January 2012, the Internal Revenue Service (“IRS”) announced its third Offshore Voluntary Disclosure Program (“OVDP”) aimed at U.S. taxpayers who have failed to report income from foreign accounts. Under the OVDP,...more

by Venable LLP on 3/27/2012

Tax Amnesty Programs As discussed in a number of previous Tax Alerts, since 2009 the Internal Revenue Service has created three separate tax amnesty programs in order to encourage U.S. taxpayers to properly report and...more

by Sanford Millar on 2/27/2012

Two cases when considered together raise the prospect that communications in writing and notes and recollections of conversations between taxpayers and return preparers may have serious consequences for members of the...more

by Sanford Millar on 2/23/2012

A case that was decided February 21, 2012 by the United States Supreme Court should send shock waves through the resident alien community. Those persons, who are non-citizen U.S. resident taxpayers, face the prospect of...more

by Charles (Chuck) Rubin on 2/6/2012

Favio came to the U.S. in 2005 after a kidnapping attempt against his son in Venezuela. He rented an apartment, and lived there with his son (a U.S. citizen), and his wife. He then purchased an apartment in 2006 and lived...more

by Sanford Millar on 1/16/2012

On January 11, 2012 Michael Reiss, a physician from NJ was sentenced for failing to report offshore (Swiss) bank accounts(11:CR:0068),United States District Court SDNY. The sentencing memos of the U.S make some important...more

by Sanford Millar on 10/31/2011

Since 2009 the IRS and some state governments have initiated settlement programs designed to encourage taxpayers with offshore financial accounts to come forward with the expectation that by doing so they will avoid criminal...more