IRS FFI FATCA Compliance Campaign & Form 8966 – Offshore IRS At a recent tax conference, the IRS stressed the fact that offshore compliance is still a priority. And, that the IRS would soon be adding to its already long list of compliance campaigns, with a new campaign aimed at Foreign Financial Institutions (FFI) and…
Increased Enforcement of Form 5471 – IRS Prioritizes Loose Filed 5471
Increased Enforcement of Form 5471 – IRS Prioritizes Loose Filed 5471 When a U.S. Person has a foreign corporation, they may have a U.S. Reporting Requirement with the IRS, on Form 5471. Unlike other international forms, the IRS has made enforcement of 5471 reporting a key enforcement priority. When a person fails to file the…
Form 720 Life Insurance – IRS Form 720 Foreign Insurance Premiums
Form 720 Life Insurance – IRS Form 720 Foreign Insurance Premiums IRS Form 720 is used for many different purposes. In the realm of offshore disclosure and voluntary compliance of foreign assets and investments, the primary purpose of the form is to report the total quarterly premiums paid for foreign life insurance — and to…
Cryptocurrency Enforcement a Tax Priority – IRS Pursues Crypto Taxes
Cryptocurrency Enforcement a Tax Priority – IRS Pursues Crypto Taxes In case you though the IRS “forgot” about your unreported taxes and disclosure for cryptocurrency — they haven’t. In fact, at a recent tax forum in New York City, the IRS stated that Cryptocurrency is a key enforcement priority, and that CI has already initiated…
Post-OVDP Opt Out – IRS Increased Penalty Risk (5 Considerations)
Post-OVDP Opt Out – IRS Increased Penalty Risk (5 Considerations) Just because IRS OVDP ended, does not mean you lose the right to opt-out of an OVDP that was submitted, and accepted before OVDP was ended. But, you have to be careful. Post-OVDP Opt Out Recently, we have been contacted by multiple individuals and businesses…