IRS Offshore Voluntary Disclosure – 5 Timing Issues To Avoid

The decision to submit to either OVDP or Streamlined Offshore (aka IRS Offshore Voluntary Disclosure Program), or make a Reasonable Cause Submission requires extensive review and analysis. The problem is that there are many timing hurdles which can prevent an individual from submitting to the program, if they take too much time to make their decision before the…


Form 3520 – Reporting Gift or Inheritance From a Foreign Person (2018)

What is Form 3520? Form 3520 is used to Report the Receipt of a Gift from a Foreign Person when certain thresholds are met. While the form is not the most complicated of IRS international tax forms…the penalties can be unnecessarily harsh.  For example, your foreign Grandma in Portugal sent you $150,000 to help pay…


Understanding The Rules of Bitcoin Reporting for FBAR & FATCA

Bitcoin FBAR & FATCA Tips for Compliance and Offshore Disclosure. At Golding & Golding, we focus our entire tax law practice exclusively on IRS Offshore Voluntary Disclosure. A big part of IRS Offshore Voluntary Disclosure is FBAR Reporting, and it may include cryptocurrency. Cryptocurrency Update Unfortunately, at the current time, neither the IRS nor FinCEN have provided…


Foreign Rental Income & IRS Tax Reporting – Summary Review Guide

Foreign Rental Income: The impact of Foreign Real Estate on U.S. Tax Law, FBAR and FATCA can be very serious, and costly. Many people misunderstand the IRS requirements regarding the reporting of Foreign Rental Income.  Foreign Rental Income Foreign tax laws involving rental income vary depending on which country the rental income is earned in. This is because in many…