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 MoreOffshore Account UpdatePosted in on December 31, 2019
There was some big news in the world of federal tax law in 2019. From the Internal Revenue Service (IRS) announcing that it would begin actively targeting cryptocurrency investors to the European Union removing several countries from its list of disfavored tax havens, tax-related news made headlines around the globe.
Read MoreOffshore Account UpdatePosted in on November 4, 2019
In 2017, the European Union established a “blacklist” and a “gray list” of countries and territories which its finance ministers identified as havens for tax avoidance schemes. Blacklisted countries face stricter transactional controls than other nations, while gray list countries and territories are those that have made a demonstrated (but unmet) commitment to comply with EU standards – and that risk being blacklisted if they do not move forward with reform.
Read MoreOffshore Account UpdatePosted in on September 30, 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.
Read MoreOffshore Account UpdatePosted in on July 31, 2019
If a U.S. taxpayer has any offshore bank accounts, they must be familiar with the Foreign Bank Account Report (FBAR) required under U.S. tax law. And if that taxpayer has failed to file FBARs in the past, they must know how to come into FBAR compliance. This is when they must seek out a highly qualified FBAR attorney.
Read More
