201803.30
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How the IRS Uncovers Offshore Tax & Reporting Violations (2018)

How the IRS Uncovers Offshore Tax & Reporting Violations (2018)  One of the most common questions we receive is “How will the IRS find my foreign accounts?” This is a legitimate question, because quite frankly…why bother getting into compliance with the IRS, if the IRS is never going to find you. Prior to FATCA (Foreign…

201803.28
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Without OVDP, IRS Offshore Willful Penalties Are Looming

Without OVDP, IRS Offshore Willful Penalties Are Looming In the next six (6) months, individuals, estates, and businesses that were willful or need to take a particular tax position (aka MTM) regarding unreported or undisclosed foreign accounts, assets, investments, and income will have a big decision to make. Do they want to enter into the…

201803.26
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IRS Penalty for Not Reporting Foreign Bank Accounts (2018)

IRS Penalty for Not Reporting Foreign Bank Accounts When it comes to international tax and foreign bank accounts, the IRS has made it a habit of issuing excessive fines and penalties against individuals who have not properly reported their foreign bank accounts. While not everybody who has unreported foreign accounts will be penalized by the…

201803.24
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Foreign Inheritance – IRS Tax Rules for Inheriting Foreign Money

Foreign Inheritance  – IRS Tax Rules for Inheriting Foreign Money  Whether or not a person has to pay U.S. tax on money or assets they received from a foreign inheritance is a very common question. Usually, there’s a very simple answer, which is that you do not pay tax on the receipt of a foreign inheritance. In other…

201803.21
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Willful & Out of IRS Offshore Compliance – Limited Time to Disclose

Willful & Out of IRS Offshore Compliance – Limited-Time to Disclose If you are a U.S. person who has assets, income, investments, or accounts abroad, and have not properly brought those monies into compliance with the IRS – you may be under a tight deadline to do so. OVDP is Being Discontinued While the IRS…