OVDP Closes on 9/28/2018 – 5 Important Facts About OVDP Ending OVDP is the traditional Offshore Voluntary Disclosure Program. OVDP (formerly OVDI) has been in existence since 2009, and the IRS has accumulated more than $9 billion of money from taxpayers who have entered the program in order to safely get into compliance. OVDP is Coming…
IRS Foreign Reporting & Tax Example (2018) – Accounts, Assets & Gifts
IRS Foreign Reporting & Tax Example (2018) – Offshore Accounts, Assets & Gifts A common international tax question receive (especially around tax time) is how the IRS foreign account, income, tax and reporting rules work. More specifically, what happens if I report the information incorrectly (or not report it at all)…and the IRS finds out?…
FBAR Willfulness Lower Threshold (2018) – IRS Ends OVDP on 9/28
FBAR Willfulness Lower Threshold (2018) – IRS Ends OVDP on 9/28 The IRS continues to tighten the noose around anybody caught willfully failing to report or disclose foreign accounts or income. This is very important for any individual who may have willfully (even recklessly aka Reckless Disregard) failed to report foreign accounts, assets, income, or…
Multi-Jurisdictional Tax Compliance – IRS Reporting & Reasonable Cause
Multi-Jurisdictional Tax Compliance – IRS Reporting & Reasonable Cause Unfortunately, trying to be in compliance with U.S. Tax Law while not violating Foreign Tax Law(s), is a very real problem. When a new client contact us with this type of situation – we sincerely understand the severity and stressfulness of the issue. In a typical…
Form 8938 Threshold (2018) – IRS Penalties for Non-Compliance
Form 8938 Threshold (2018) – IRS Penalties for Non-Compliance Form 8938 is similar to the FBAR (Report of Foreign Bank and Financial Account Form), but it is more comprehensive and actually much more dangerous. Why? Because with the FBAR, a person is simply reporting their foreign accounts and the form itself is not filed alongside…