201811.30
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(New) OVDP & IRS Voluntary Disclosure Practice Procedures Update

(New) OVDP & IRS Voluntary Disclosure Practice Procedures Update The IRS has announced a new set of rules involving OVDP and the IRS Voluntary Disclosure practices.  While the general practice of IRS OVDP and Offshore/Voluntary Disclosure is similar to what it was before, there have been some significant changes (some better, some worse). The IRS…

201811.27
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Pre-IRS Disclosure Offshore/Foreign Penalties are on the Rise

Pre-IRS Disclosure Offshore/Foreign Penalties are on the Rise A few months back, the Internal Revenue Service (IRS) made good on its promise to discontinue the Offshore Voluntary Disclosure Program (OVDP). Even though the IRS has ended the OVDP program there are still other voluntary disclosure/amnesty programs that a person can use in order to get into IRS…

201811.20
0

DOJ Offshore Compliance Conviction (Danger of FBAR/FATCA Delay)

DOJ Offshore Compliance Conviction (Danger of FBAR/FATCA Delay) Just knowing about the IRS Offshore Voluntary Disclosure Program, but failing to take action is not the best strategy for compliance. Especially since the IRS, (and U.S. Government as a whole) continue to make offshore compliance a key enforcement priority. The most recent conviction comes by way…

201811.18
1

Foreign Bank Wants You To Sign a FATCA Non-Compliance Statement?

Foreign Bank Wants You To Sign a FATCA Non-Compliance Statement? Unfortunately, the enforcement of FATCA, coupled with the inherent fear that many Foreign Financial Institutions have about being out of compliance with U.S. FATCA Reporting laws has left many U.S. Account Holders in jeopardy with the IRS. Some of these foreign banks and investment firms are…