Top 10 Tips When Selecting an Offshore Voluntary Disclosure Option
Offshore Account UpdatePosted in on January 31, 2020
News & Events
Category: Offshore Account Update
For years, individuals who inadvertently failed to report offshore assets to the federal government were able to do so under the IRS’s Offshore Voluntary Disclosure Program (OVDP). However, the IRS closed the OVDP in 2018. In 2019 and beyond, the primary option available to federal taxpayers is the IRS’s Streamlined Disclosure Program for Offshore Accounts.Read More
IRS: International Tax Haven Crackdown Will Continue in 2020
Hot Topics, Offshore Account UpdatePosted in on January 28, 2020
In 2018, the Internal Revenue Service (IRS) formed the Joint Chiefs of Global Tax Enforcement, known as the J5, with tax authorities from Australia, Canada, the Netherlands and the United Kingdom. On January 23, 2020, the IRS announced the J5’s first major law enforcement initiative – a series of coordinated investigations that resulted in the takedown of a Central American bank suspected of “facilitating money laundering and tax evasion for customers across the globe.” According to the IRS, indictments of the bank’s clients are expected to follow.
Read More2019 Year in Review: Cryptocurrency, Offshore Bank Accounts, and FATCA Enforcement
Offshore Account UpdatePosted in on December 31, 2019
UAE, Switzerland, Mauritius and Marshall Islands are Among Countries No Longer Considered Tax Havens by the European Union
Offshore Account UpdatePosted in on November 4, 2019
If you are a U.S. citizen or U.S. resident and you own financial assets overseas, you may be subject to reporting requirements under the Foreign Account Tax Compliance Act (FATCA). Failing to meet your FATCA reporting requirements can result in steep penalties. To find out what you need to disclose to the IRS, or to protect yourself if you are being accused of violating FATCA, you should speak with a Washington DC FATCA lawyer right away.
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