November 15, 2017
by Attorney Patricia Weisgerber, LL.M.
Earlier this year, the IRS Large Business and International division (LB&I) rolled out 13 compliance campaigns
to target both individual taxpayers and corporations for examinations on certain tax compliance issues. On November 3, 2017, IRS announced the identification of an additional
11 compliance campaigns ...
June 22, 2017
If you haven’t filed your Report of Foreign Bank and Financial Accounts (FBARs) on a timely basis, you could be at risk of a higher civil penalty assessment. Inflation-adjusted FBAR penalties are now in effect.
New FBAR Civil Penalties Framework
The statutory civil penalties most people are familiar with, and as reflected ...
June 14, 2017
In 2016, the Treasury Inspector General for Tax Administration (TIGTA) released a report which assessed how well that IRS was managing the Offshore Voluntary Disclosure Program (OVDP). OVDP is one of the programs taxpayers may use to become compliant if they previously had failed to report offshore income on their ...
November 30, 2016
Divorce is tough. Even amicable divorces are financially and emotionally draining. The last thing you need is to have tax problems pop up as a result of divorce proceedings. To avoid such problems here’s a list of some top tax considerations to keep in mind:
If you itemize your deductions ...
September 12, 2016
The following is a bolded
checklist of important situations that may “trigger” a tax review by a skilled United States tax professional. Many of these situations also require a simultaneous review by a foreign tax professional. It is generally best practice for these tax professionals to work together to minimize ...
August 12, 2016
Owners of small to mid-size U.S. businesses are finding the world is a smaller place, which can be very good for business. However, the opportunities of the international marketplace come with additional responsibilities, especially in the area of global taxation. AccountingToday’s July 2016 magazine contains a good “primer” on international business ...
November 13, 2015
For anyone who has watched the movie “The Best Exotic Marigold Hotel,” the idea of retiring overseas may be tempting. Glamorous locales exist around the world with warm sands, fragrant breezes and stunning sunsets where pensions and retirement savings stretch much further than in the States. Publications like Forbes and ...
August 14, 2015
Bring up the topic of FBARs (Report of Foreign Bank and Financial Accounts) with someone who has foreign financial accounts and the conversation will most likely take a nosedive. With an enforcement regime which can apply severe penalties for non-willful as well as willful violations, many taxpayers with small accounts ...
June 2, 2015
More and more, U.S. taxpayers are becoming aware of their federal tax reporting obligation for foreign financial accounts, interests and assets. With increased IRS enforcement, broader media coverage of international tax evasion cases, and the implementation of FATCA reporting by foreign financial institutions, the term “FBAR”
May 21, 2015
Passing along Stu Haugen's New York Times opinion article, "An American Tax Nightmare"
, dated May 13, 2015. It highlights the challenges U.S. taxpayers living abroad are exposed to under the Foreign Account Tax Compliance Act (FATCA).