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 (IRS Foreign Gift Reporting Rules & Requirements)

Form 3520 (IRS Foreign Gift Reporting Rules & Requirements) Tax Form 3520: In 2019, the filing of Form 3520 is a “big deal.”  Any U.S. Person who receives a Gift from a non-U.S. Person may have an IRS Form 3520 reporting requirement. While the receipt of the gift is taxable, the U.S. Person may have…


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…