News & Analysis as of September 25, 2024

Foreign Account Tax Compliance Act › Voluntary Disclosure

+ Follow

The Foreign Account Tax Compliance Act is a United States federal statute enacted in 2010 as part of the Hiring Incentives to Restore Employment Act (HIRE Act). FATCA aims to improve compliance of U.S. taxpayers... more +

No deje que el IRS llegue a Usted Primero

Foodman CPAs & Advisors on 7/3/2020

Los Contribuyentes Estadounidenses con activos e ingresos financieros extranjeros no declarados corren el riesgo de que el Gobierno determine si su conducta fue intencional o no intencional. ...more

IRS Continues to Cross-Reference Foreign Financial Accounts and Assets

Foodman CPAs & Advisors on 4/1/2019

IRS holds information that is sourced from the FATCA reports submitted by Foreign Financial Institutions (FFI) (on Form 8966 - FATCA Report) and by Individual US Taxpayers that have reporting obligations via Form 8938...more

Despite Closure Of OVDP, Offshore Tax Evasion Crackdown Marches On

Fox Rothschild LLP on 11/1/2018

On September 29, 2018, the Internal Revenue Service closed for good the long-running Offshore Voluntary Disclosure Program (OVDP), its hugely successful tax amnesty program for undisclosed offshore financial assets. Since...more

IRS ENDS OVDP right when some Taxpayers GET IT!

Foodman CPAs & Advisors on 9/17/2018

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

¡FATCA Se Está Enforzando A Pesar De Hipos Y Reporte De TIGTA!

Foodman CPAs & Advisors on 8/27/2018

El 5 de Julio del 2018, el Inspector General del Tesoro para la Administración Tributaria (TIGTA) emitió un informe: https://www.treasury.gov/tigta/auditreports/2018reports/201830040fr.pdf titulado: "A pesar de gastar casi...more

FATCA Is Being Enforced Despite Hicups And TIGTA Report!

Foodman CPAs & Advisors on 8/27/2018

On July 5, 2018, the Treasury Inspector General for Tax Administration (TIGTA) issued a report https://www.treasury.gov/tigta/auditreports/2018reports/201830040fr.pdf titled: “Despite Spending Nearly $380 Million, the...more

At any time during 2017, did you have a financial interest in or signature authority over a financial account (such as a bank...

Foodman CPAs & Advisors on 4/13/2018

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

IRS Announces End to Foreign Bank Account Disclosure Program: What Can You Do Now If You Still Have Unreported Foreign Bank...

Burr & Forman on 3/23/2018

The IRS recently announced it will be shutting down its successful Offshore Voluntary Disclosure Program (OVDP) for unreported foreign bank accounts and income. The program will end September 28, 2018. Under the OVDP, first...more

IRS To Terminate The Offshore Voluntary Disclosure Program

Orrick, Herrington & Sutcliffe LLP on 3/23/2018

On March 13th, the Internal Revenue Service ("IRS") announced that the offshore voluntary disclosure program ("OVDP"), which was first launched in 2009 and modified several times, will close to new taxpayers after September...more

IRS Announces September 2018 End to Offshore Voluntary Disclosure Program

Blank Rome LLP on 3/21/2018

The Internal Revenue Service (“IRS”) announced it will close the highly successful Offshore Voluntary Disclosure Program (“OVDP”) on September 28, 2018, which presumably will be the final date for taxpayers to submit a...more

Don’t Let The I.R.S. Define Your Conduct As Willful, or Else………

Foodman CPAs & Advisors on 6/1/2016

Something that most of us don’t realize is that Internal Revenue Service has stated that the taxpayer is responsible to learn IRS requirements within the historic U.S. framework of a voluntary reporting system. The IRS...more

Brazilian Voluntary Disclosure Program: The Cost of The Medicine for Contaminated Funds

Carlton Fields on 4/26/2016

On January 14, a voluntary disclosure program, the Special Regime for Foreign Exchange and Tax Regularization (RERCT), was enacted in Brazil. It gives Brazilian residents an opportunity to voluntarily disclose unreported...more

IRS Commissioner Hints That OVDP Modifications Are in the Works

Blank Rome LLP on 6/6/2014

Since 2009, the Internal Revenue Service has offered three different amnesty programs for taxpayers with undeclared foreign bank accounts. These programs, the current version of which is entitled the Offshore Voluntary...more

FATCA And Voluntary Disclosure

The Volkov Law Group on 3/7/2013

The Internal Revenue Service has had success encouraging taxpayers with offshore accounts to disclose their foreign accounts and pay back taxes. In 2009 and 2011, the IRS announced the Offshore Voluntary Disclosure Program...more

U.S. Response to Unreported Offshore Income and Assets of U.S. Taxpayers

Eversheds Sutherland (US) LLP on 2/18/2011

Since the G-20 meeting on April 2, 2009, there has been a worldwide emphasis on the elimination of bank secrecy through the implementation of tax information exchange agreements ("TIEA") with countries or jurisdictions that...more

15 Results

View per page

Page: of 1

Foreign Account Tax Compliance Act › Voluntary Disclosure

"My best business intelligence, in one easy email…"