201810.18
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Reporting A Gift of Money Deposited into a Foreign Bank Account

Reporting A Gift of Money Deposited into a Foreign Bank Account Due to currency restrictions in various countries such as Taiwan, it is becoming infinitely more difficult to move money across foreign borders, and into the United States. Foreign Gift Example Let’s say you are a Taiwanese citizen who relocated to the United States. You…

201810.15
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IRS Hiring Special Agents…Now That OVDP Protection Has Ended

IRS Hiring Special Agents…Now That OVDP Protection Has Ended As many experienced practitioners will tell you, the end of OVDP signals a nail in the coffin for many taxpayers seeking amnesty under the traditional offshore program. Yes, the Streamlined Program and Reasonable Cause are still available, but only OVDP facilitated a means of safe compliance…

201810.12
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FBAR & Whistleblower (2018) – IRS Laws Put Foreign Accounts in Jeopardy

FBAR & Whistleblower (2018) – IRS Laws Put Foreign Accounts in Jeopardy As if there are not enough things in life for you to worry about, right? If you are like many of our clients, you are a motivated entrepreneur, executive, doctor, lawyer, entertainer, sports figure, or other individual with foreign income, assets, accounts and investments….

201810.11
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China Cracks Down on Tax Evasion with a $70 Million Evasion Penalty

China Cracks Down on Tax Evasion with a $70 Million Evasion Penalty The U.S. is not alone in working toward eliminating tax evasion. And, nobody is immune from getting hit with a tax evasion charge or penalty — even celebrities. Most recently, the Chinese government penalized a very notable actress upwards of $70 Million. Fan…

201810.05
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FBAR is Becoming an Even Bigger Mess with Global Consequences

FBAR is Becoming an Even Bigger Mess with Global Consequences FBAR litigation is becoming an epidemic without borders. While FBAR penalties can range from a warning letter all the way to 100% penalties in a willful, multi-year audit, there is no straightforward, bright-line test to determine willful vs. non willful. What does FBAR Willful Mean?…

201810.03
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Tax Amnesty/Voluntary Disclosure Program (2018) – U.S. & Foreign Income

Tax Amnesty/Voluntary Disclosure Program (2018) – U.S. & Foreign Income Unfortunately, even though the Internal Revenue Service has ended the Offshore Voluntary Disclosure Program (OVDP),that does not mean that the IRS is limiting enforcement of offshore penalties.  When a person seeks to submit to IRS Tax Amnesty, they are moving forward with a Voluntary Disclosure…

201809.27
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OVDP Ends Tomorrow – IRS Disclosure of Unreported Money Continues

OVDP Ends Tomorrow – IRS Disclosure of Unreported Money Continues Yes, the traditional OVDP ends tomorrow. No, Offshore Disclosure is not going anywhere. Even after OVDP ends, the IRS has indicated you will still have time to disclose your offshore/foreign accounts…even if you are willful. Don’t Rush into OVDP Just Because… If you KNOW you…

201809.24
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Beverly Hills FBAR Conviction & Prison Sentence (Dubai Account $1M+)

Beverly Hills FBAR Conviction & Prison Sentence (Dubai Account $1M+) As OVDP is close to ending (9.28.2018), the U.S. Government is turning up the heat on FBAR violations, and is pushing more and more for criminal prosecution. In recent months, the DOJ has been aggressively pushing for willful penalties and criminal convictions against any individuals caught…

201809.23
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Attorney Indicted in Offshore Tax Scheme – $18M in Foreign Accounts

Attorney Indicted in Offshore Tax Scheme – $18M in Foreign Accounts Nobody is safe from the U.S. Government’s intense drive to enforce international tax related violations.  The momentum continues, as the DOJ charges another individual with Tax Evasion (this time, it was an Attorney).  *An indictment merely alleges that a crime has been committed. A…