Contents1 8 Exit Tax Traps When Expatriating from the United States2 First, Being Pressured by an Attorney to ‘Act Fast’3 Attorneys Who Lie About Being “Certified”4 5 Years Tax Compliance (Timing)5 Making an NRA Election in Year 86 Foreign Pension Plans and Exit Taxes7 Traditional IRA […]
Contents1 Streamlined Filing Compliance Procedures with Examples2 Non-Willfulness Requirement3 Taxpayer is Not Under Audit or Already Penalized4 Domestic Streamlined Filing Requirements5 Previously Timely Filed U.S Tax Returns 6 5% (Title 26) Offshore Penalty Instead of Multiple FBAR/Form 8938 Penalties7 Exceptions to the 5% Penalty8 Foreign Streamlined Filing […]
Contents1 Streamlined Domestic Offshore Procedures (Examples)2 Non-Willfulness Requirement3 Taxpayer is Not Under Audit or Already Penalized4 Previously Timely Filed U.S Tax Returns 5 5% (Title 26) Offshore Penalty Instead of Multiple FBAR/Form 8938 Penalties6 Exceptions to the 5% Penalty7 Late Filing Penalties May be Reduced or Avoided8 […]
Contents1 Streamlined Foreign Offshore Procedures with Examples2 Non-Willfulness Requirement3 Taxpayer is Not Under Audit or Already Penalized4 Foreign Resident 330-Day Rule or Substantial Presence Test5 No Title 26 Offshore Penalty under SFOP6 SFOP Allows for Original Tax Return Filing7 Late Filing Penalties May be Reduced or […]
Contents1 IRS Form 3520 Beginner’s Guide: Foreign Gifts, Trusts & Inheritances2 The Purpose of Form 35203 Form 3520 Foreign Gift4 Form 3520 Foreign Inheritance5 Form 3520 Trust Distribution6 Form 3520/3520-A Ownership of Foreign Trust7 Related Persons8 Trust Reporting Exceptions (2020-17 and Proposed Regulations)9 The Tip of […]
Contents1 IRS Form 8621 with Examples: Foreign Mutual Funds and ETFs2 Foreign Mutual Fund and ETF Reporting3 Foreign Mutual Fund and ETF Tax4 Foreign Pension/Treaty Exception5 Foreign Corporations Used to Hold Passive Investments6 PFIC Elections7 *Crossover with Subpart F Income8 The Tip of the Iceberg9 Late […]
Contents1 FBAR Beginner’s Guide with Common Filing Examples2 First, a Quick FBAR Intro3 Bank Accounts4 Pooled Funds (Account vs No Account)5 Foreign Life Insurance Policies6 Foreign Pension Plans7 Signature Authority Accounts8 Social Security9 The Tip of the Iceberg10 Late Filing Penalties May be Reduced or Avoided11 […]
Contents1 IRS Form 8938 with Examples: Specified Foreign Assets2 Who Has to File Form 8938?3 What are the Form 8938 Threshold Requirements?4 What is the Form 8938 Due Date?5 What Types of Foreign Assets are Reportable?6 What if Form 8938 is Filed Late (Penalties)7 The Tip […]
  Contents1 Form 8854 and Expatriation2 First, Net Worth vs Exit Tax3 Mark-to-Market Gains4 Eligible Deferred Compensation5 Ineligible Deferred Compensation6 Specified Tax Deferred Accounts7 The Tip of the Iceberg8 Late Filing Penalties May be Reduced or Avoided9 Current Year vs. Prior Year Non-Compliance 10 Avoid False […]
Contents1 IRS Form 8865 with Examples 2 What is a Foreign Partnership?3 Who Has to File Form 8865?4 What is Constructive Ownership for Form 8865?5 Constructive Ownership Exception6 When is Form 8865 Due?7 Civil and Criminal Penalties for Failing to File Form 88658 Late Filing Penalties May […]
Contents1 How to Navigate IRS Foreign Reporting Noncompliance Penalties2 Pre-IRS Foreign Penalty Assessment3 FBAR Penalty Assessment4 IRS International Reasonable Cause Penalty Abatement5 The Tip of the Iceberg6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs. Prior Year Non-Compliance 8 Avoid False Offshore Disclosure […]
  Contents1 Overview of New Immigrant U.S. Tax Rules 2 Worldwide Income Taxation3 Foreign Bank Account Reporting (FBAR)4 Form 8938 (FATCA)5 Form 3520 Gift6 The Tip of the Iceberg7 Late Filing Penalties May be Reduced or Avoided8 Current Year vs. Prior Year Non-Compliance 9 Avoid False Offshore […]
Contents1 No Collection Due Process Hearing for FBAR Violations2 FBAR Penalty Challenges Can be Unecessarily Complicated3 Is a Collection Due Process Hearing an Option for FBAR Violations?4 Challenging an FBAR Penalty5 Late Filing Penalties May be Reduced or Avoided6 Current Year vs. Prior Year Non-Compliance 7 […]
Contents1 IRS To Reverse Course on Form 3520 Penalty Enforcement2 First, Why Are Form 3520 Penalties a Problem?3 What Will the IRS Change About the Late Form 3520 Filing Rules?4 Initial Thoughts on What Lies Ahead5 Late Filing Penalties May be Reduced or Avoided6 Current Year […]
Contents1 A Beginner’s Guide to Resident Alien Taxation by Visa Type2 First, What is the Substantial Presence Test?3 H-1B Work Visa4 L-1 Transfer Visa5 B1/B2 Tourist Visa6 EB-5 Investment Visa7 F-1 Student Visa8 Closer Connection Exception9 Treaty Elections10 Late Filing Penalties May be Reduced or Avoided11 […]
Contents1 Do I Owe an Exit Tax when I Leave the U.S.2 First, Net Worth vs Exit Tax3 Mark-to-Market Gains4 Eligible Deferred Compensation5 Ineligible Deferred Compensation6 Specified Tax Deferred Accounts7 The Tip of the Iceberg8 Late Filing Penalties May be Reduced or Avoided9 Current Year vs. […]
Contents1 Is Unreported Foreign Income or Assets Criminal?2 Unreported Foreign Income3 Unreported Foreign Accounts and Assets4 Tax Fraud and Tax Evasion5 The Tip of the Iceberg6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs. Prior Year Non-Compliance 8 Avoid False Offshore Disclosure Submissions […]
Contents1 Taxpayer Prevails on FBAR Filing Treaty Election2 The IRS Says a Treaty Election Does Not Eliminate FBAR3 FBAR Practice Unit4 FBAR Publication 55695 2023 Litigation Update (Aroeste v US)6 2024 Case Update, Appeal Dismissed (Aroeste v US)7 Late Filing Penalties May be Reduced or Avoided8 […]
Contents1 Disclosure of Foreign Assets by U.S. Taxpayers2 Foreign Bank Accounts3 Foreign Stock Accounts and Individually Held Stock4 Foreign Mutual Funds and ETFs5 The Tip of the Iceberg6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs. Prior Year Non-Compliance 8 Avoid False Offshore […]
Contents1 Did the 11th Cir. Rule Willful FBAR Fines are Unconstitutional?2 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 […]
Contents1 Ending Your U.S. Status Has Tax Complications2 You Must Be Compliant Before You Terminate Status3 Five-Year Tax Compliance Rule4 What is Considered the Date of Expatriation?5 Relief Procedures Have Very Specific Eligibility Requirements6 Accidental American Status is Often the Catalyst7 401K for Net Worth vs […]
Contents1 FBAR Filing Countdown 20242 No Prior Requirement to File FBAR3 First-Time Filing FBAR, Missed Other International Reporting Forms4 Missed FBAR Prior Years and Other Foreign Tax Forms5 Late Filing Penalties May Be Reduced or Avoided6 Current Year vs. Prior Year Non-Compliance 7 Avoid False Offshore […]
Contents1 Beware of the ‘Free’ 15-minute FBAR Consultation2 Specialized Tax Law Firms vs Mills3 What Can You Accomplish in 15-Minutes?4 Is a Partner Conducting the Consultation?5 Our Consultations are NEVER Farmed Out6 Be Careful of Firms Requiring Immediate Action7 Late Filing Penalties May Be Reduced or […]
Contents1 Can I Talk to a CPA About My Undisclosed Offshore Assets?2 Late FBAR Attorney-Client Privilege3 What is the Accountant-Client Privilege for Delinquent FBAR?4 Privilege Agreements Between Accountants and Attorneys are Limited5 Late Filing Penalties May Be Reduced or Avoided6 Current Year vs. Prior Year Non-Compliance […]
Contents1 Why Death Does Not Cancel FBAR Penalty Liabilities2 How Does Death Impact FBAR Penalties?3 Were the FBAR Penalty Assessments Timely?4 Can the IRS Go After the Estate?5 Note: Willful vs Non-Willful6 Constitutional Arguments7 Eighth Amendment Argument and Schwarzbaum8 Late Filing Penalties May Be Reduced or […]
Contents1 IRS Targets Foreign Accounts, Assets, Trusts, and Gifts2 Are the Streamlined Procedures Right for You?3 Automatically Assessed Penalties for International Violations are Common4 The Reality of IRS International Penalties5 Tax Court or District Court/Court of Claims6 Financial Limitations to Filing in Federal Court7 Late Filing […]
Contents1 Film Producer Indicted for Offshore Tax Violations2 Defendant Allegedly Concealed More than $25M Abroad, Causing More than $5M in Loss to IRS3 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 […]
Contents1 Ninth Circuit Affirms Reckless as FBAR Willfulness in Hughes2 Procedural Background3 Safeco and Willfulness4 Safeco Applies to FBAR Willful Penalties5 Negligence is Not the Same as Reckless6 Late Filing Penalties May Be Reduced or Avoided7 Current Year vs. Prior Year Non-Compliance 8 Avoid False Offshore […]
  Contents1 FBAR Filing 2024/20252 Who Has to File an FBAR?3 What is Reported on the FBAR?4 When is the FBAR Due?5 Can You Apply for an FBAR Extension?6 Joint Accounts with Non-Residents7 Pension Accounts on FBAR8 FBAR for Dormant Accounts9 Foreign Account Ownership Not Required10 […]
Contents1 Form 3520 and Penalties2 Why Did Taxpayer Receive a Form 3520 Penalty?3 30-Days to Show Reasonable Cause4 Did The Taxpayer Already Submit a Reasonable Cause Statement with Form 3520?5 Was Taxpayer’s Reasonable Cause Statement Even Considered?6 Should Taxpayers Appeal the CP15 Form 3520 Penalty?7 What […]
Contents1 The Pitfalls of Undeclared Foreign Financial Accounts2 First, Which Tax Forms are Required for Foreign Accounts?3 FATCA Bank Letter Leads to IRS Undisclosed Foreign Account Audits4 FBAR Audit or Examination5 Willful or Non-Willful6 Fines and Penalties7 Criminal Investigation8 Late Filing Penalties May Be Reduced or […]
Contents1 FBAR Examinations and Audits of Foreign Accounts2 Continue to File Timely FBARs3 Submit to One of the IRS Offshore Disclosure Programs4 Submit Late FBARs with a Reasonable Cause Statement5 Avoid Making a Quiet Disclosure6 Late Filing Penalties May Be Reduced or Avoided7 Current Year vs. […]
Contents1 FBAR & FATCA 2 5 Things to Know About FBAR3 FBAR has a Single Threshold 4 FBAR is Not Part of the Tax Return5 FBAR is Primarily for Accounts 6 FBAR Does Not Require Ownership of Foreign Accounts7 Penalties Vary Between Willfulness and Non-Willfulness8 5 Things […]
Contents1 Why You Shouldn’t Rush the Preparation of Late FBAR & Taxes2 You Just Learned You are Non-Compliant and Want it Done ASAP3 Which Offshore Disclosure Procedure is Right for You?4 How Complex is the Submission?5 How long does an Offshore Disclosure Take?6 Remember the IRS […]
> Contents1 A Primer on Tax Fraud Violations2 The Office of Fraud Enforcement Advisor Program3 What is Clear and Convincing Evidence?4 Fraud Penalties (26 U.S.C. 6663)5 Examples of Potential Tax Fraud6 Falsifying Information to a Foreign Financial Institution7 Intentionally Failing to Include Foreign Income on a […]
Contents1 Court Rejects Government’s Schedule B FBAR Summary Judgment2 The IRS, Schedule B, FBAR & Streamlined FAQ 133 U.S. vs Saydam (22-cv-07371-DMR)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 […]
Contents1 What is an Offshore Tax Law Specialist?2 First, Becoming a (Board-Certified) Tax Lawyer Specialist3 Is a CPA ‘Board’ the Same as a Board-Certified Tax Lawyer Specialist?4 American Bar Association Article About Attorney Experts5 How Long Has the Attorney Been Licensed?6 Are They a Board-Certified Tax […]
Contents1 How False Statements Increase Criminal Tax Audit Risks2 Not Disclosing Foreign Accounts and Assets3 Not Disclosing Foreign Income4 Misrepresentations to the Foreign Bank About U.S. Status5 Late Filing Penalties May be Reduced or Avoided6 Current Year vs Prior Year Non-Compliance 7 Avoid False Offshore Disclosure […]
Contents1 What are IRS Foreign High-Risk Tax Audits2 Intentionally Unreported Foreign Income3 Willfully Unreported Foreign Accounts Assets4 Incomplete FBAR/FATCA5 Misrepresenting U.S. Person Status to Foreign Bank6 3rd Party Fraudulent Conveyance7 Late Filing Penalties May be Reduced or Avoided8 Current Year vs Prior Year Non-Compliance 9 Avoid […]
Contents1 Playing ‘Catch Me If You Can’ with the IRS2 Simple Tax Filing Mistake 3 Substantial Omission of Income4 6038D (FATCA) 5 No Tax Return Filed 6 Unfiled Form 8938, 8621, 5471, and 35207 Civil Tax Fraud8 Civil FBAR Violations9 Criminal Tax10 Late Filing Penalties May be Reduced or […]
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 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 What You Must Know About Penalties for Form 3520-A2 Standard Form 3520-A Penalties3 Continuing Form 3520-A Penalty4 Potential Criminal Penalties5 Reasonable Cause May Abate/Avoid Form 3520-A Penalties6 Late Filing Form 3520-A Penalties May be Reduced or Avoided7 Current Year vs Prior Year Non-Compliance 8 Avoid […]
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 Plans are Being Targeted for IRS Non-Compliance2 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 […]
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 are the Form 8938 Threshold Requirements?4 What is the Form 8938 Due Date?5 What Types of Foreign Assets are Reportable?6 What if Form 8938 is Filed Late (Penalties)7 The Tip of the Iceberg8 […]
Contents1 Form 35202 Why is Form 3520 So Important?3 Who Must File IRS Form 3520?4 When is Form 3520 Due?5 Foreign Trust Reporting (4790, UNI/DNI, Throwback Rule)6 Foreign Non-Grantor Trust Beneficiary Statement7 UNI/DNI and Throwback8 Exceptions Trust9 Form 3520 Late Filing Penalties10 Examples of Form 3520 […]
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 Form 3520-A Filing Requirements & Reporting Rules2 First, The IRS Does Not Like Foreign Trusts3 When is Form 3520-A Due?4 Can You Apply for an Extension?5 Appointing a U.S. Agent and Form 3520-A6 Foreign Grantor Trust Owner Statements7 Foreign Grantor Trust Beneficiary Statements8 Foreign Pension […]
Contents1 Defenses to Late-Filed IRS Form 3520 Penalties2 What is Reasonable Cause?3 Information Return Penalty Relief4 Other Factors to Consider for Reasonable Cause5 Mistake Was Made6 Erroneous Advice or Reliance7 Ignorance of the Law8 Was the Gift directly made for Medical Purposes or Education?9 Offshore Disclosure […]
Contents1 Reporting Foreign Pension Income to the IRS2 First, Employment Retirement vs Personal Retirement3 Treaty vs Non-Treaty4 Form 1040 Tax Document5 FBAR (FinCEN Form 114)6 Form 8938 (FATCA)7 Form 3520-A/35208 Revenue Procedure 2014-559 Revenue Procedure 2020-1710 Proposed Foreign Trust Regulations11 Form 862112 Common Foreign Retirement Examples13 […]
Contents1 Are In-Person Interviews Required for Failure to File International Reporting Forms2 VDP (Voluntary Disclosure Program)3 Streamlined and Delinquency Procedures4 Examinations, Audits, and the IRS Special Agents5 Late Filing Penalties May be Reduced or Avoided6 Current Year vs. Prior Year Non-Compliance 7 Avoid False Offshore Disclosure […]
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 2025 FBAR Update 2 First, a Quick FBAR Intro3 Bank Accounts4 Pooled Funds (Account vs No Account)5 Foreign Life Insurance Policies6 Foreign Pension Plans7 Signature Authority Accounts8 Social Security9 The Tip of the Iceberg10 Late Filing Penalties May be Reduced or Avoided11 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 Taxation and Reporting to IRS2 Reporting Foreign Inheritance to the IRS3 U.S. Taxes on Foreign Inheritance4 Estate Tax vs. Income Tax5 Late Filing Penalties May be Reduced or Avoided6 Current Year vs. Prior Year Non-Compliance 7 Avoid False Offshore Disclosure Submissions (Willful vs […]
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 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 […]