201801.21
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IRS Says FATCA Minimizes The Need for Offshore Voluntary Disclosure

IRS Says FATCA Minimizes The Need for Offshore Voluntary Disclosure For many individuals, businesses, and estates that are still debating whether they should enter the IRS Offshore Voluntary Disclosure Program or not — they should take caution. Is it Over for IRS Offshore Voluntary Disclosure? In a recent presentation, key representatives for the IRS have…

201801.21
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IRS Penalty Abatement (2018) – Foreign Accounts | Offshore Assets

IRS Penalty Abatement (2018) – Foreign Accounts | Offshore Assets In recent years, and due to the increased enforcement of FATCA (Foreign Account Tax Compliance Act) along with renewed interest in FBAR (Report of Foreign Bank and Financial Accounts) reporting, the IRS has been issuing significantly higher fines and penalties against individuals with unreported, undisclosed,…

201801.18
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Constructive Ownership of Foreign Stock – Attribution Reporting Rules

Constructive Ownership of Foreign Stock – Attribution Reporting Rules IRS form 5471 is difficult – even for the most experienced international tax professionals. It encompasses both international tax law and international business – along with bookkeeping and accounting. What is Form 5471? The goal of form 5471 is to provide the IRS sufficient information regarding…

201801.16
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Panama Foundation – U.S. Tax | IRS Offshore Disclosure Procedures

Panama Foundation – U.S. Tax | IRS Offshore Disclosure Procedures Forgetting all the recent press regarding the Panama papers, a Panama Foundation is a very common investment tool – or at least it was many years ago. A Panama Foundation takes on many similarities of a hybrid between a trust and a corporation. A Panama…