201410.14
0

Customs Holds to Enforce FATCA & Offshore Tax Reporting

Your ability travel internationally (and domestically) will be infinitely more complicated if you have international/foreign/offshore tax compliance problems with the IRS, DOT or DOJ. This is especially true if your failure is determined to be willful, and you are out of FATCA (Foreign Account Tax Compliance Act) Compliance. The IRS is raising the stakes in the…

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

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….