Contents1 Hiring an Unreported Offshore Assets and Accounts Attorney2 First, Is The Lawyer Falsely Representing they are a Board-Certified Tax Lawyer Specialist?3 How Long Has the Attorney Been Licensed?4 Are They a Board-Certified Tax Law Specialist?5 Offshore Disclosure Does Not Involve Litigation6 Case Leader or Just […]
Contents1 What Does Being Board-Certified in Tax Law Mean?2 First, How to Protect Yourself3 Licensed as a CPA4 An Attorney ‘Board-Certified’ By the State Bar5 What if the Attorney Is Not a ‘Board-Certified Specialist’ But Claims to Be?6 Golding & Golding: About Our International Tax Law […]
Contents1 FBAR Penalties2 FBAR Penalties (Civil vs Criminal)3 Civil Non-Willful FBAR Penalties4 31 U.S.C. 5321 (a)(5)5 Bittner Non-Willful Example6 Burden of Proof7 Three Examples of Civil Non-Willful FBAR Penalties8 Civil Willful FBAR Penalties9 Three Examples of Civil Willful FBAR Penalties10 Criminal FBAR Penalties11 Assessed Penalties and […]
Contents1 Supreme Court Rules in Favor of the Transition Tax2 What is Section 965?3 Key Parts of the Supreme Court’s Ruling4 What Does This Mean for Taxpayers?5 Late Filing Penalties May be Reduced or Avoided6 Current Year vs Prior Year Non-Compliance 7 Avoid False Offshore Disclosure […]
Contents1 Taxpayers Advocate Service (TAS) Foreign Penalty Update2 What Is the Problem?3 What Is the Solution?4 Late Filing Penalties May be Reduced or Avoided5 Current Year vs Prior Year Non-Compliance 6 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)7 Need Help Finding an Experienced Offshore Tax […]
Contents1 A Guide to Legally Moving Money Offshore2 First, Moving Money Offshore is Not Illegal3 Also, Beware of the U.S.’ Worldwide Income Tax Implications4 Hiding Money Offshore: Legal vs Illegal5 Accounts in Hard-to-Reach Countries6 Intentionally Not Reporting the Money7 Offshore Asset Protection Trusts 8 International Reporting Requirements9 […]
Contents1 FBAR Reporting of Foreign Accounts2 First, Who Has to File?3 What is Reported? 4 What Types of Foreign Accounts are Reported?5 Foreign Bank Accounts Example6 Foreign Investment Account Example7 Foreign Stock Certificate8 Foreign Mutual Fund Accounts9 Foreign Pension/Retirement Example10 Foreign Life Insurance Example11 When is the […]
Contents1 The Top 7 Criminal Tax Questions About Foreign Reporting Answered2 If I Missed Foreign Account Reporting, Will I Go To Jail?3 Is an IRS Quiet Disclosure a Crime?4 Is Unfiled FBAR a Crime5 Are Willful FBAR Violations a Crime6 Does the IRS Prosecute for FATCA […]
Contents1 PFIC Tax Implications2 Acquiring a Foreign Mutual Fund 3 Making a PFIC Election 4 Timely Election vs Late Election5 Dividend Reinvestment vs Dividend Distribution6 Are Dividends Distributed from the Outset7 Selling/Redeeming the PFIC8 Switch-Outs and Mirror Funds9 Late Filing Penalties and Fines May be Reduced or […]
Contents1 Was Your IRS Offshore Disclosure Denied? (2024 Update)2 Aggressive Certifications are Not Necessary3 Willfulness, But Sorry4 Willful, But Not Sorry (aka Fraud)5 Taxpayer Was Already Penalized for the Same Foreign Assets6 The Taxpayer Did Not Pay the Streamlined Penalty7 Current Year vs Prior Year Non-Compliance […]
  Contents1 Common Streamlined Filing Compliance Mistakes to Avoid2 First, Is Your Attorney/EA Really an Offshore Disclosure Specialist?3 Properly Analyzing the Willfulness/Non-Willfulness Issue4 Overwriting the 14653 and 146545 Including Exempt Assets in the Penalty Computation6 Not Responding to Further IRS Inquiries7 Timing the Streamlined Submission8 Foreign […]
Contents1 Court Rejects FBAR Motion to Dismiss Non-Willful Defense2 The Wilful FBAR Conduct Standard3 Court’s Finds Defendants Conduct was Wilful4 Court’s Claims Defendant’s Arguments Were not Persuasive5 Willful Violations Not Limited to $100,0006 Late Filing Penalties May be Reduced or Avoided7 Current Year vs Prior Year […]
Contents1 An IRS Expatriate Audit Case Study2 Were Your Expatriation Tax Documents Accurate?3 What About Delaying the Exit Tax Payment?4 Expatriation Examination5 Section 965 Repatriation Tax6 Form 54717 Form 3520/3520-A8 Foreign Trust Distribution or Gift9 What Happens if Jennifer is Considered a Covered Expatriate?10 Foreign Pension11 […]
Contents1 Bad Tax Preparer Advice Gets Clients in Trouble2 The Buck Stops with the Taxpayer Client3 Foreign Accounts and Assets Case Study Example4 David Meets with a New CPA5 David’s CPA Has An Ulterior Motive6 David Does His Research7 An Important Fork in the Road8 The […]
Contents1 The IRS Warns About Offshore Bank and International Schemes2 Tax Promotions in General3 Hiding Assets Overseas4 Fraudulent Conveyances to Third Parties5 Moving Crypto Offshore to Avoid Taxes6 International Mixing of Cryptocurrency7 Misusing Foreign Trusts8 Falsifying Expatriation Documents9 Puerto Rico Act 6010 Late Filing Penalties May be […]
Contents1 The IRS Scrutinizes Abusive Trusts 2 Increased IRS Scrutiny of Trusts3 First, What is an Abusive Trust Scheme?4 Section 643(b) Trusts5 Offshore Asset Protection Trust (OAPT)6 Malta Retirement Scheme7 Charitable Remainder Annuity Trust (CRAT)8 What Forms are Required to Report a Foreign Trust?9 Do Any Foreign […]
Contents1 A Permanent Bar for Promoters of a Charitable Remainder Annuity Trust Scheme2 First, How Does a Charitable Remainder Trusts (CRAT) Scheme Work?3 Common Example of a Charitable Remainder Annuity Trust Scheme 4 Court Permanently Bars Defendants from Promoting CRATs5 Late Filing Penalties May be Reduced or […]
Contents1 Malta Pension Plans2 First, Why The IRS Dislikes Malta Retirement Schemes3 New Malta CAA, Summonses, and Audits4 Potential Malta IRS Reporting Penalties (FBAR, FATCA, and More)5 Malta Retirement Scheme Example: Meet Michelle6 FBAR Penalties7 Form 8938 Penalties8 Form 3520/3520-A Penalties9 Form 8621 Penalties10 IRS Penalty […]
Contents1 The IRS Cracks Down on Promoters of Abusive Sham Trusts2 Tax Seminars to Sell the Trust Promotion3 Three Sham Trusts and a Private Family Foundation4 Clients Remain as the Trustees5 Business Trust (Trust One)6 Second Trust and Third Trust7 Donation Into a Private Family Donation8 […]
Contents1 When FBAR Penalties Go Awry2 October 2023 Order to Force Repatriation3 November 2023 Order Denying Stay4 December 2023 Order to Show Cause re: Contempt5 January 2024 Order re: contempt of Court6 Why Incarceration Instead of a Daily Fine?7 Late Filing Penalties May be Reduced or […]
Contents1 Taxpayers with Overseas Accounts2 Multiple Forms for the Same Foreign Account3 Different Thresholds for Different Forms4 Not all Due Dates and Filing Deadlines are the Same5 Exceptions and Exclusions May Apply6 Penalties and Abatement7 Late Filing Penalties May be Reduced or Avoided8 Current Year vs […]
Contents1 Overview of Form 8938 Reporting2 Who Has to File Form 8938?3 What Does it Mean to Have a Financial Interest?4 Taxpayers May Qualify for an Extension to File Form 89385 What is a Form 8938 Specified Foreign Financial Asset?6 Examples of Who Has to File […]
  Contents1 Form 35202 Why is Form 3520 So Important?3 Who Must File IRS Form 3520?4 Examples of Form 3520 Reporting5 Gift From a Foreign Individual Example6 Gift From a Foreign Entity Example7 Gift From a Foreign Trust Example8 Ownership of Foreign Trust Example9 Transfer to […]
  Contents1 More FBAR Examinations Coming in 20242 IRS Announced More FBAR Examinations Coming in 20243 Have You Consistently Filed Timely FBARs?4 Were Your FBARs Accurate?5 Did You Previously Submit a Quiet Disclosure?6 If you Missed Filing FBAR, Why?7 Should You Get Compliant First?8 Late Filing […]
Contents1 How Much Did the IRS Really Ease Foreign Trust Reporting2 Increased Disclosure of Foreign Gifts Transferors3 No Deficiency Procedures Means No Advanced Notice to Taxpayers 4 Reasonable Cause is Still a Steep Climb5 Still Big Hurdles for Some Taxpayers Wanting to Comply6 Joint and Several Liability7 […]
  Contents1 IRS Foreign Account Penalty Relief2 SFCP (Streamlined Filing Compliance Procedures)3 SDOP (Streamlined Domestic Offshore Procedures)4 SFOP (Streamlined Foreign Offshore Procedures)5 DFSP (Delinquent FBAR Submission Procedures)6 DIIRSP (Delinquent International Information Return Submission Procedures)7 VDP (Voluntary Disclosure Program)8 RC (Reasonable Cause)9 Avoid Making a Quiet Disclosure […]
Contents1 Avoiding IRS Abusive Schemes, Transactions and Arrangements2 First, Tax Fraud vs Tax Avoidance3 Malta Pension Plans/Retirement Schemes4 Foreign Trusts5 Syndicated Consideration  Eastment/Art Contributions6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs Prior Year Non-Compliance 8 Avoid False Offshore Disclosure Submissions (Willful vs […]
  Contents1 Understanding Foreign Gift Anti-Avoidance Rules2 Definition of “Foreign Gift” and coordination with section 6048(c)3 Proposed §1.6039F-1(b)(2)4 Late Filing Penalties May be Reduced or Avoided5 Current Year vs Prior Year Non-Compliance 6 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)7 Need Help Finding an Experienced […]
  Contents1 The New Proposed Foreign Trust Regulations 2 $100,000 Gift to Adjust for COLA3 Additional Information About the Transferor4 Dual-Status Definition of a U.S. Person5 Migration of Foreign Trust to Domestic is a Distribution6 Limited U.S. Agent Status to Avoid Harsh Tax Consequences7 Late Filing Penalties […]
Contents1 For U.S. Resident Owners/Beneficiaries of Foreign Trusts 2 Example of Foreign Trust Ownership3 Which IRS Tax Forms to File?4 Trust Filing Exceptions5 A Non-Grantor Trust Beneficiary6 A Grantor Trust Beneficiary7 A Few Foreign Trust Issues to Consider8 U.S. Trust with Foreign Assets9 Throwback Rule10 Revenue Procedures […]
Contents1 D.C. App. Reverses Farhy, Rules Foreign Information Penalties Valid2 Are the Penalties Assessable?3 The Court Rules they are Assessable4 Late Filing Penalties May be Reduced or Avoided5 Current Year vs Prior Year Non-Compliance 6 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)7 Need Help Finding […]
Contents1 A Surprising FBAR Victory May Be Cut Short2 Is the FBAR an IRS Form?3 Non-Resident vs Resident for FBAR4 Non-Resident FBAR Filing Requirements5 Resident FBAR Filing Requirements6 What is at Stake in Aroeste?7 Late Filing Penalties May be Reduced or Avoided8 Current Year vs Prior […]
Contents1 Fraudulent Tax Deduction Promoters Get Hefty Prison Sentences2 Sold Over $1.3 Billion in Fraudulent Tax Deductions3 Late Filing Penalties May be Reduced or Avoided4 Current Year vs Prior Year Non-Compliance 5 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)6 Need Help Finding an Experienced Offshore […]
Contents1 Moore vs. United States (Sup Ct.)2 U.S. Constitution, Sixteenth Amendment3 IRC Section 9654 How Does the Transition Tax/Mandatory Repatriation Tax Law Work?5 What is Subpart F Income?6 Why Was Subpart F Income Created?7 Example of a Common Section 965 Case8 How Will the Supreme Court […]
Contents1 Taxpayer Prevails in Federal Court with FBAR Treaty Argument2 What the IRS says (Pub 5569)3 The Court Rules in Favor of Taxpayer on FBAR4 Late Filing Penalties May be Reduced or Avoided5 Current Year vs Prior Year Non-Compliance 6 Avoid False Offshore Disclosure Submissions (Willful […]
Contents1 Reasonable Cause International Penalty Relief2 Reasonable Cause Exception to Penalty Relief3 What is Reasonable Cause?4 Information Return Penalty Relief5 Other Factors to Consider for Reasonable Cause6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs Prior Year Non-Compliance 8 Avoid False Offshore Disclosure […]
  Contents1 The Penalty Relief Programs for Late International Return Filing 2 Voluntary Disclosure (VDP/OVDP)3 Streamlined Procedures (SFCP/SDOP/SFOP)4 IRS Delinquency Procedures5 Delinquent FBAR Submission Procedures (DFSP)6 Delinquent International Information Return Submission Procedures (DIIRSP)7 Reasonable Cause8 Late Filing Penalties May be Reduced or Avoided9 Current Year vs […]
  Contents1 A New Expat Tax Planning Guide for U.S. Taxes2 What is the Expats U.S. Person Tax Status?3 Form 1040 vs Form 1040NR4 Does the Expat Qualify for a Treaty Election?5 Does the Expat Qualify for a Substantial Presence Exception?6 Foreign Earned Income and Housing7 […]
Contents1 A (New) Tax Fraud Update2 First, What is Tax Fraud?3 Civil vs Criminal Tax Fraud4 Important 26 and 31 U.S.C Statutes5 Malta Retirement Schemes6 High Net Worth with Unfiled U.S. Returns 7 Puerto Rico Act 608 Fraudulent Transfer of Foreign Assets9 Inaccurate Expatriation Net Worth10 […]
  Contents1 FBAR Update 2 2023 FBAR Supreme Court Case3 FBAR Filing Requirements and Due Date4 Penalties for FBAR5 IRM (Internal Revenue Manual)6 Willfulness FBAR Cases7 Burden of Proof in FBAR Cases8 Defenses to FBAR9 Late Filing Penalties May be Reduced or Avoided10 Current Year vs Prior […]
Contents1 Defending Against FBAR Penalties2 Non-Willfulness3 Reasonable Cause Defense to Non-Willfulness4 Reduced Non-Willful Penalties (See IRM)5 A Warning Letter In lieu of Penalties6 Willfulness7 Is the Taxpayer Non-Willful?8 Mitigating Willful Penalties9 Pre-Penalty Avoidance with FBAR Amnesty10 Late Filing Penalties May be Reduced or Avoided11 Current Year […]
Contents1 I Reside Overseas and Owe U.S. Taxes 2 Example of When an Expat Owes Taxes3 Taxpayer Has Not Had His Passport Revoked4 What Can a Non-Willful Taxpayer Do to Get Compliant?5 Willful Tax Compliance6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs. Prior […]
Contents1 Taxpayer with FBAR Penalties Forced to Repatriate Money2 Late Filing Penalties May be Reduced or Avoided3 Current Year vs Prior Year Non-Compliance 4 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)5 Need Help Finding an Experienced Offshore Tax Attorney?6 Golding & Golding: About Our International […]
Contents1 Are You at Risk of Committing Tax Fraud2 Is Tax Fraud a Crime?3 Will I go To Jail for Tax Fraud?4 Examples of Tax Fraud or Evasion5 How are Tax Fraud and Tax Evasion Investigated?6 Sentencing Guidelines7 Late Filing Penalties May be Reduced or Avoided8 […]
Contents1 Considerations Before Expatriating from the United States2 Are You Already a Dual-Citizen?3 Do You Have a Foreign Passport?4 Are You a Long-Term LPR?5 Are You Five (5) Years Tax Compliant?6 Are You a Covered Expatriate?7 Do You Have Exit Tax?8 Do You Plan on Giving […]
Contents1 Can Expats Amend Prior Tax Returns or File Late Taxes Safely?2 Tax Returns and International Reporting3 Is The Taxpayer Non-Willful?4 Are There Unreported Accounts or Assets (Streamlined)?5 Are there No Unreported Assets? (Reasonable Cause)6 Can the Expat File a 1040NR with 8840/8843?7 Can the Expat […]
Contents1 A Criminal FBAR Sentence for Tax Amnesty Fraud Explained2 The Taxpayer was an Accountant3 Govt. Alleges False Non-Willful Streamlined Application 4 The U.S. Dislikes Swiss Bank Accounts5 Failure to File FBAR6 Misrepresentations to the IRS7 Sentencing Guidelines8 Current Year vs. Prior Year Non-Compliance 9 Avoid […]
Contents1 International Information Returns2 International Information Return (IIR) Assessable Penalties 3 It is Almost Never Criminal4 You Are (Most Likely) Not Going to Jail5 You Can Protest the Penalty6 Appeal or CDP7 Appeal and/or Court Litigation8 Farhy Case9 Late Filing Penalties May be Reduced or Avoided10 […]
Contents1 IRS Compliance Targets High-Income Taxpayers and FBAR2 IRS 2023/2024 Enforcement Takes Shape3 Prioritization of high-income cases4 Expansion of pilot focused on largest partnerships leveraging Artificial Intelligence (AI). 5 Greater focus on partnership issues through compliance letters. 6 Priority areas for targeted compliance work in FY 20247 […]
Contents1 Unrealized Income from a Foreign Corporation and U.S. Taxes2 Subpart F Income3 PFIC MTM Election4 GILTI5 Section 965 as Written Should be Eliminated6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs. Prior Year Non-Compliance 8 Avoid False Offshore Disclosure Submissions (Willful vs […]
Contents1 Did You Receive a Foreign Form Penalty Notice from the IRS?2 2023 Update re: Covid3 What are Automatically Assessed Penalties?4 With Penalty Abatement, Timing is Everything5 Abating the Penalties is About Strategy6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs Prior Year […]
Contents1 Avoiding Double Taxation When Living Abroad2 Worldwide Income for Individuals3 Foreign Earned Income (and Housing) Exclusion4 Foreign Tax Credits5 Treaty Election6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs. Prior Year Non-Compliance 8 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)9 Need […]
Contents1 Validity of Section 965 Repatriation Taxes Goes to Supreme Court2 Sixteenth Amendment3 26 U.S.C. Section 9654 How Does the Transition Tax/Mandatory Repatriation Tax Law Work?5 What is Subpart F Income?6 Why Was Subpart F Income Created?7 Example of a Common Section 965 Case8 How Will […]
Contents1 Reporting Foreign Real Estate to the IRS2 Foreign Property Has US Tax & Reporting Implications3 Foreign Rental Income is Reportable4 Depreciation Foreign Real Estate in the U.S.5 Selling Foreign Real Estate is Taxable (Capital Gains) 6 Foreign Real Estate & Expatriating From the US7 Overseas Real […]
Contents1 International Tax Filing Mistakes2 Who is Subject to Worldwide Income Taxation?3 What if the Taxpayer Already Paid Taxes Abroad?4 Foreign Tax Credits: Gross vs. Net5 Foreign Earned Income Exclusion6 Treaty Election7 Real Estate Gross vs. Net Income8 Filing International Reporting Forms if No Tax Return […]
Contents1 Are Overseas Money Transfers to the U.S. Taxable?2 Transfers of Foreign Gift Money 3 Foreign Wire Transfer of Your Own Money to the U.S.4 Late Filing Penalties May be Reduced or Avoided5 Current Year vs. Prior Year Non-Compliance 6 Avoid False Offshore Disclosure Submissions (Willful vs […]
Contents1 Foreign Inheritance Tax 2 Is There a Foreign Inheritance Tax?3 Why Is There No U.S. Tax on Foreign Inheritance?4 U.S. Situs Changes the Foreign Inheritance Tax Rules5 Inheriting Foreign Assets6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs Prior Year Non-Compliance 8 Avoid […]
Contents1 Foreign Inheritance Form 3520 Reporting2 Foreign Inheritance Form 35203 U.S. Situs4 Current Year vs Prior Year Non-Compliance 5 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)6 Need Help Finding an Experienced Offshore Tax Attorney?7 Golding & Golding: About Our International Tax Law Firm Foreign Inheritance […]
Contents1 Foreign Assessable Penalties2 No Pre-Assessment Review3 Delinquent International Information Return Submission Procedures (DIIRSP)4 Farhy (U.S. Tax Court 2023)5 What Can Taxpayers Do at this Time?6 Current Year vs. Prior Year Non-Compliance 7 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)8 Need Help Finding an Experienced […]
Contents1 Form 3520 and Penalties2 Section 6039F3 Notice 97–34, Page 24 Section 60485 What is Form 3520?6 Who Must File Form 3520?7 What is Reported on Form 35208 When is Form 3520 Due?9 Can You Apply for an Extension for Form 3520?10 What if You File […]
Contents1 International Tax Evasion2 Introduction to International Tax Evasion3 26 U.S.C. 72014 International Tax Evasion Example 5 Recent International Tax Evasion Cases6 Tax Evasion Penalties7 IRS Voluntary Disclosure Program (VDP)8 Current Year vs. Prior Year Non-Compliance 9 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)10 Need […]
Contents1 U.S. Taxation Rules for Residents or Citizens 2 All Income May be Taxable3 Living Overseas vs in the United States4 Foreign Sourced Income vs Domestic Source5 Foreign Tax Credits6 Foreign Earned Income Exclusion7 Treaty Elections and Limitations8 Reporting of Foreign Assets, Accounts, and Investments9 Avoiding […]
Contents1 When does the IRS Consider Income to be Taxable?2 Foreign Income from Employment3 Foreign Capital Gains4 Foreign Dividend and Interest Income5 Foreign Pension Income6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs Prior Year Non-Compliance 8 Avoid False Offshore Disclosure Submissions (Willful […]
Contents1 Tax Evasion and Fraud2 Offshore Earned Income3 Offshore Passive income4 Criminal Willfulness 5 Criminal FATCA6 Submitting False Documentation7 Current Year vs Prior Year Non-Compliance 8 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)9 Need Help Finding an Experienced Offshore Tax Attorney?10 Golding & Golding: About […]
Contents1 Streamlined Domestic vs Streamlined Foreign2 Streamlined Domestic Offshore Procedures (SDOP)3 SDOP Requires Timely Filed Tax Returns4 5% Title 26 Miscellaneous Offshore Penalty5 Streamlined Foreign Offshore Procedures6 Original Tax Returns7 Two Tests to Qualify as a Foreign Resident 8 Common Issues for Both Streamlined Programs9 Taxpayers […]
Contents1 Is it Tax Planning, Avoidance, or Tax Fraud?2 Proper Tax Planning3 Gray Area Tax Planning4 Tax Fraud5 Golding & Golding: About Our International Tax Law Firm Is it Tax Planning, Avoidance, or Tax Fraud? When a US Taxpayer wants to reduce their tax liability, the […]
Contents1 Did IRS Reject Your Form 3520 CDP Claims?2 Did Your Tax Attorney Guarantee You Would Win?3 You Have 30-Days to Petition the Tax Court 4 Missed 30-day CDP Petition Deadline?5 Golding & Golding: About Our International Tax Law Firm Did IRS Reject Your Form 3520 CDP […]