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Reporting Requirements Internal Revenue Service

Get Ready: IRS To End OVDP

by Carlton Fields on

Recently, I discussed the impact of so-called “soft letters” sent by the IRS to various groups of taxpayers with offshore asset disclosure compliance issues....more

Last Chance For Taxpayers: Offshore Voluntary Disclosure Program Will End September 28, 2018

by Varnum LLP on

On March 13, 2018, the Internal Revenue Service (the "Service") announced its plan to close its 2014 Offshore Voluntary Disclosure Program (OVDP) effective Sept. 28, 2018. The Service indicated that its announcement was...more

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

by Foodman CPAs & Advisors on

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

Internal Revenue Service Reminds Taxpayers To Report Offshore Bank Accounts On FBAR Form

by Fox Rothschild LLP on

The Internal Revenue Service has issued its annual reminder to taxpayers that they report their foreign assets on their individual tax returns due on April 17, 2018. Individuals with offshore assets such as bank accounts...more

Virtual Currency Investors have a lot of responsibilities!

by Foodman CPAs & Advisors on

For U.S. Federal Income Tax purposes, Virtual Currency (VC) is treated as property. As a result, a VC investor ought to keep a very close watch on potential net short term capital gains (realized gain if VC is held one year...more

IRS Closing the Offshore Voluntary Disclosure Program for Taxpayers with Foreign Assets

by Taylor English Duma LLP on

The IRS recently announced that it will be discontinuing the Offshore Voluntary Disclosure Program (“OVDP”) on September 28, 2018. Taxpayers wanting to enter the Offshore Voluntary Disclosure Program must postmark their...more

IRS issues guidance on dispositions of partnership interests by non-U.S. investors

by Ropes & Gray LLP on

On April 2, 2018, the Internal Revenue Service (“IRS”) issued Notice 2018-29 (the “Notice”), which provides important interim guidance on the new withholding regime created as part of last December’s tax reform legislation,...more

IRS Issues Transitional Guidance Regarding the New "Restitution" Tax Deduction That Affects False Claimes Act and Other Government...

by Foley & Lardner LLP on

Effective immediately, a settlement agreement or a judgment with the government must set forth the specific amount of restitution, remediation of property, or monies paid to come into compliance with any law violated, for...more

When Filing Taxes, Don’t Forget Virtual Currency Income

In a March 23 news release, the IRS reminded taxpayers that income from virtual currency transactions must be reported on income tax returns, and that certain virtual currency transactions are taxable like any other property...more

FATCA: "COPA" y "CERTIFICACIONES PERIÓDICAS" que vencen el 1 de Julio de 2018 tendrán en efecto, una extensión de 3 meses. PERO,...

by Foodman CPAs & Advisors on

El 19 de marzo de 2018, el IRS publicó el "Borrador de Preguntas de Certificación FATCA" (https://www.irs.gov/businesses/corporations/draft-fatca-certifications) para ser completado por el Oficial Responsable (“RO”) de una ...more

FATCA: “COPA” and “PERIODIC CERTIFICATIONS” due by July 1, 2018, will have, in effect, a 3 Month Extension. BUT, will you be...

by Foodman CPAs & Advisors on

On March 19, 2018, IRS released “Draft FATCA Certification Questions” to be completed by the Responsible Officer (RO) of a Participating Foreign Financial Institution (FFI) or Reporting Model 2 FFI. ...more

Taxation of Virtual Currency Transactions

by Snell & Wilmer on

With the use of virtual currency on the rise, questions emerge as to how virtual currency transactions are taxed. The IRS has issued guidance regarding the tax consequences of such transactions, answering some questions but...more

FATCA and FBAR: The IRS is discontinuing its Offshore Voluntary Disclosure Program

The Internal Revenue Service (IRS) announced last week that it will terminate its Offshore Voluntary Disclosure Program as of September 28, 2018. Taxpayers who have not reported foreign bank accounts and income now have only...more

Los Contribuyentes con Cuentas Extranjeras No Divulgadas deben ACTUAR AHORA. El Programa de Divulgación Voluntaria de Cuentas en...

by Foodman CPAs & Advisors on

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

Taxpayers with undisclosed foreign accounts need to COME FORWARD NOW. Offshore Voluntary Disclosure Program Ends September, 2018

by Foodman CPAs & Advisors on

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

IRS to Close Offshore Voluntary Disclosure Program Effective September 28, 2018

On March 13, 2018, the Internal Revenue Service (IRS) announced that the Offshore Voluntary Disclosure Program (OVDP) will close effective September 28, 2018. Any U.S. individuals with undisclosed foreign financial assets or...more

IRS Offshore Voluntary Disclosure Program: The Party Is Ending

by BakerHostetler on

On March 13, the Internal Revenue Service announced that the Offshore Voluntary Disclosure Program (OVDP) will come to an end on Sept. 28, 2018. By making this announcement now, the IRS is giving taxpayers with undisclosed...more

IRS Announces End to Offshore Amnesty Program

by Perkins Coie on

The IRS recently announced that it would end the Offshore Voluntary Disclosure Program (OVDP). The OVDP is an amnesty program that tens of thousands of taxpayers have used since 2009 to report previously undisclosed foreign...more

IRS Ends Offshore Account Voluntary Disclosure Program

by Pierce Atwood LLP on

The IRS recently announced that it is ending its Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. ...more

Illinois Confirms Treatment of Deemed Repatriated Foreign Earnings Provisions

by McDermott Will & Emery on

On Wednesday, the Illinois Department of Revenue (Department) issued additional guidance concerning its treatment of the new deemed repatriated foreign earnings provisions found in Internal Revenue Code Section 965, enacted...more

Offshore Voluntary Disclosure Program (OVDP) Closing in September

by Charles (Chuck) Rubin on

The OVDP commenced in 2009, and provided a mechanism for U.S. taxpayers who had not complied with various non-U.S. information disclosure and tax payments to square up with the IRS without risk of criminal prosecution, but at...more

IRS Reminds Taxpayers To Report Virtual Currency Transactions

by Fox Rothschild LLP on

With “tax day” fast approaching, the Internal Revenue Service on Friday reminded taxpayers that income from virtual currency transactions is reportable on their income tax returns. As we have previously reported, the IRS has...more

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

by McNair Law Firm, P.A. on

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

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

by Blank Rome LLP on

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

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