By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, June 3, 2015. Do you really need to be concerned with how you submit your application to the Offshore Voluntary Disclosure Program (OVDP) or the streamlined option within it? The IRS will simply accept a...
Is Your Foreign Bank on the IRS List of Banks that Trigger a 50% OVDP Penalty?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Tuesday, June 2, 2015. The IRS maintains a list of international banks that trigger an automatic 50% Offshore Voluntary Disclosure Program (OVDP) penalty instead of the standard 27.5% for those that file under the program. The...
IRS Under Fire for Using External Firm for Audit of Microsofts Offshore Investment Activities
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in Audits on Monday, June 1, 2015. The IRS is taking substantial heat from the US Senate regarding its decision to hire an outside law firm to assist with an investigation into Microsoft's alleged activities to shift profits offshore...