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News & Events

Category: Offshore Account Update

Bribery or Gift? Running Afoul of the FCPA Can Land You in Jail and Your Company in Ruins

Offshore Account Update

Posted in on November 30, 2018

The federal Foreign Corrupt Practices Act makes it unlawful to bribe foreign officials for favors that will result in financial gain.Read More

Tax Compliance For Overseas Retirees

Offshore Account Update

Posted in on October 31, 2018

Keeping up with the ever-changing tax reporting laws can be overwhelming. And if you are either a United States taxpayer who has retired overseas or are one who is contemplating retiring outside of the country, you need to know that there are additional IRS obligations to meet. If you fail to understand and meet these additional obligations, you could make errors resulting in substantial penalties.Read More

Tax Rules Are Causing More Americans to Cut Ties With the United States

Offshore Account Update

Posted in on September 28, 2018

According to CNBC, many Americans have begun to renounce their United States citizenship in recent months and years. One of the big reasons why so many people are giving up their citizenship and cutting ties with the United States is because of complex new tax rules.  Strict rules for retirement savings and for other types of financial accounts have made it difficult or impossible for many to comply with requirements and have imposed unnecessary costs and complexities.

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Offshore Investigations: The IRS Has Spent Millions, But Has Taken Little Action

Offshore Account Update

Posted in on August 31, 2018

If you have funds offshore that are undeclared, it is a good idea to speak with a Washington DC international tax attorney as soon as possible. The IRS has been aggressively investigating offshore accounts in an attempt to prevent tax dodging and to ensure that all funds are declared.

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It’s Official: The End of IRS’ OVDP is Near

Offshore Account Update

Posted in on August 13, 2018

September 28th, 2018 will mark the end of the Internal Revenue Services’ Offshore Voluntary Disclosure Program, commonly referred to as OVDP. The Offshore Voluntary Disclosure Program, which was launched in 2009, serves as an avenue for offshore account holders to come forward with previously undisclosed foreign accounts. The aim was to promote offshore disclosure and create an easy way for participants to comply with US tax laws. By participating in OVDP, taxpayers are promised both protection from criminal exposure and a fair resolution with respect to penalties.

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