Are you wondering when a US taxpayer should consider the IRS Voluntary Disclosure Program or VDP? Are you concerned about unreported or under-reported income, financial accounts, assets, investments, cryptocurrency or business assets or interests? What do you need to know about FATCA-based reporting to the IRS and how the agency...
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IRS Updated Streamlined Filing Compliance Procedures
What do you need to know about the IRS updated Streamlined Filing Compliance Procedures or "Streamlined Procedures?" Are you concerned about unreported or under-reported offshore income or assets? Are there accounts you have inadvertently left off of a recent FBAR? Have you failed to file an FBAR when you otherwise...
The Tax Consequences of Offshore Mutual Funds for US Expats and Taxpayers
What are the tax consequences of offshore mutual funds for US expats and taxpayers? US expatriates have faced a substantial number of challenges over the past several years as a result of FATCA. It can be hard to simply open a bank account. Almost all Foreign Financial Institutions (FFIs) require...
Questions Regarding Offshore Accounts and FBAR Filing Requirements
Many US taxpayers still have questions regarding offshore accounts and FBAR filing requirements and compliance. Is there a genuine risk their activities (or lack of compliance) will come to light? The definition of a US taxpayer includes all US citizens, as well as those who work or live within the...
The Risks of an IRS Quiet Disclosure
What are the risks of an IRS quiet disclosure? Is there a formal IRS processknown as a "quiet disclosure," and does the IRS honor this strategyfor amended tax returns? There is reason to be concerned about the growing number of clients withgenuine issues with unreported income (especially when it involves...
IRS Recommends Planning to Protect Important Documents in the Event of a Natural Disaster
In a recent notice the IRS is reminding all of us to undertake planning to protect important documents in the event of a natural disaster. This is National Wildfire Awareness Month, and we are in the midst of National Hurricane Preparedness Week (May 5 to 11). It is important to...
When is a US Taxpayer Required to Disclose Offshore Accounts on an FBAR and Form 8938
When is a US taxpayer required to disclose offshore accounts on an FBAR and IRS Form 8938? While many US taxpayers and expatriates have come to understand the requirements of the FinCEN Form 114 or FBAR, a surprising number still need to understand the risk they are taking when they...
ABCast Episode 24 – US Expatriate Tax Planning – Part 1
In ABCast Episode 24 - US Expatriate Tax Planning Janathan Allen discusses important tax issues from the perspective of a US Expatriate. One of the first and most important thing to know for any US taxpayer is the United States taxes its citizens on all income they earn worldwide. US...
Estate Planning for Business Owners
What are some of the fundamental issues when estate planning for business owners? Why should every business owner have an estate plan? What are some of the primary issues to address in an effective estate plan for those who own an interest in a business or professional practice? What happens...