201410.07
0

Willfully Avoiding Tax & Reporting by Moving Money Offshore Is a Crime

Willfully Avoiding Tax & Reporting by Moving Money Offshore Is a Crime If you knowingly, or with reckless disregard transfer your money offshore in order to avoid tax and reporting, that is a crime. Even if your CPA signs the return with you. If the IRS believes you acted with the intent to evade (especially…

201410.02
0

Tax Avoidance is Safer than Tax Evasion (If You Legally Avoid Tax)

Tax Avoidance is Safer than Tax Evasion (If You Legally Avoid Tax) Avoiding Tax and Evading Tax are not the same; one of them is a tax crime, and it’s not tax avoidance. The difference between tax avoidance and tax evasion is the difference between tax planning, and tax crime. Tax Avoidance vs. Tax Evasion…

201410.02
0

IRS OVDP Transition – Can I Switch Over to the Streamlined Program?

Most likely, the answer is no. OVDP Transitions are not very common, and are very limited in scope. They are based on the idea that a person has already submitted to OVDP (not signed the closing letter) but now wants to go Streamlined instead. The most important threshold requirement (other than proving non-willfulness), is timing….

201409.30
0

IRS Offshore Disclosure – Highest vs. Year-End Balance Calculations

This article will summarize OVDP (Highest-Year Balance) vs. Streamlined (Highest “Year-End” Balance). Once a person comes to the realization that they are going to submit to OVDP IRS Offshore Voluntary Disclosure Program and pay an upfront penalty in order to leverage against a possible much larger penalty in the future (or Opt-Out), they must determine…

201409.20
2

Can the IRS Levy Foreign Bank Accounts – Golding & Golding

Yes. Just because you reside and/or have Bank Accounts, Assets, or Income overseas does not mean your Foreign Bank Accounts, Assets, or Income are safe from the Internal Revenue Service (IRS).   FATCA FATCA is the Foreign Account Tax Compliance Act. It is an IRS International Tax Law that is designed to reduce offshore tax evasion…