March 15, 2018
The IRS announced it will be closing its Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018. The news follows a significant decrease in taxpayer participation in the program, coupled with advances in third-party reporting of offshore account information and increased awareness of reporting obligations. All submissions made by the deadline must ...
February 19, 2018
Wire Transfer Audits and FATCA
What Every Taxpayer Needs to Know
by Attorney Morris N. Robinson, CPA, LLM
February 19, 2018
FATCA: The Foreign Account Tax Compliance Act
was signed into law by President Obama on March 18, 2010. There ...
November 15, 2017
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 to be conducted by ...
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 ...
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 ...
December 16, 2015
Jerry Lucente is a Small Business/Self Employed Territory Manager with the North Atlantic Region of IRS, which includes the six New England states, New York and New Jersey. He is responsible for four groups at IRS that comprise about 100 employees. On Tuesday, December 15, 2015, Jerry spoke informally at ...
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 29, 2015
A U.S. taxpayer with international holdings and interests may not be fully compliant with U.S. tax reporting obligations even though they have currently reported all foreign source income on their annual tax return, filed Form 8938: Statement of Foreign Assets, and submitted a timely FBAR. Some taxpayers may also have ...