201810.31
1

FATCA is the Newest IRS International Compliance Campaign in 2018

FATCA is the Newest IRS International Compliance Campaign in 2018 In recent years, the IRS has introduced several new International Tax Enforcement Groups, designed to reduce non-compliance, fraud, and evasion. The IRS recently announced that¬†FATCA is the Newest IRS International Tax Compliance Campaign. When considering the fact that the U.S. Government has already secured their…

201810.28
0

Voluntary Disclosure Can Deter Criminal Investigations & Prosecutions

Voluntary Disclosure Can Deter Criminal Investigations & Prosecutions From 2009 to September 28, 2018, the IRS OVDI/OVDP program was in place. It was a great program for individuals, businesses or estates that had unreported foreign/offshore income, assets, investments and accounts — and were either willful, wanted to avoid an audit/criminal investigation, or had complex PFIC…

201810.22
0

B1 Visa/B2 Tourist Visa U.S. Tax Dangers (FBAR, FATCA & PFIC)

B1 Visa/B2 Tourist Visa U.S. Tax Dangers (FBAR, FATCA & PFIC) So, you like coming to the U.S. to visit your kids (and grandkids) but not up for undertaking the formalities of becoming a Legal Permanent Resident/Green Card Holder — and having to be taxed on your worldwide income. The reality is, even as a…

201810.18
0

Reporting A Gift of Money Deposited into a Foreign Bank Account

Reporting A Gift of Money Deposited into a Foreign Bank Account Due to currency restrictions in various countries such as Taiwan, it is becoming infinitely more difficult to move money across foreign borders, and into the United States. Foreign Gift Example Let’s say you are a Taiwanese citizen who relocated to the United States. You…

201810.15
0

IRS Hiring Special Agents…Now That OVDP Protection Has Ended

IRS Hiring Special Agents…Now That OVDP Protection Has Ended As many experienced practitioners will tell you, the end of OVDP signals a nail in the coffin for many taxpayers seeking amnesty under the traditional offshore program. Yes, the Streamlined Program and Reasonable Cause are still available, but only OVDP facilitated a means of safe compliance…