The IRS has listed hiding income and assets in offshore accounts in its "Dirty Dozen" annual scam target list. This is yet another signal to US taxpayers who have not yet come into compliance with the IRS and FBAR reporting reporting requirements relating to their offshore financial activities. The IRS...
IRS Adds Banks to the List of 50% OVDP Penalty Institutions
The IRS continues to add more and more international banks, financial and investment firms to its list of 50% OVDP penalty institutions each month. The list is based upon the IRS' determination that the bank or institution has actively helped US taxpayers to shelter income or avoid paying US taxes....
IRS Adds 7 More Swiss Banks to 50% OVDP Penalty List
The IRS has added 7 more Swiss banks to the 50% OVDP Penalty List in December, and now more than 100 Swiss banks are providing information about US taxpayers accounts and transactions directly to the IRS. For those US taxpayers who have already come into FBAR compliance with the IRS...
US Has Now Reached FATCA Agreements with 75 Swiss Banks
An agreement reached just before Christmas means that the US has reached FATCA agreements with 75 Swiss banks. The US Department of Justice has confirmed penalties exceeding $178 Million from 4 Swiss bank agreements including: Banque Cantonal du Valais (BC Valais) Gonet & Cie or simply Gonet Bank J. Safra...
Why Should US Taxpayers With Offshore Accounts and Assets Be Cautious When Considering the Streamlined Domestic Offshore Procedures?
Why shouldn't every US taxpayer with offshore accounts or assets choose the Streamlined Domestic Offshore Procedures when coming into compliance with the IRS and FBAR reporting requirements under FATCA? Why wouldn't a US taxpayer simply want to claim "non-willful" conduct in their disclosures of offshore bank accounts, investments and assets...
Over 177,000 Offshore Banks and Institutions Providing Financial Information to the IRS
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Wednesday, December 2, 2015. The IRS has announced that FATCA agreements have led to the exchange of financial information regarding US taxpayers with 177,147 institutions in more than 200 sovereign nations and legal jurisdictions. The list...
New Streamlined Domestic Offshore Procedures for the OVDP Provide a Genuine Alternative for Resident US Taxpayers with Foreign Assets and Accounts
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Friday, June 27, 2014. The IRS released a major announcement last week that provides new Streamlined Domestic Offshore Procedures for the IRS OVDP for Resident US taxpayers. The new guidelines take effect July 1, 2014 and...
Precious Metals, Foreign Income Producing Properties, Swiss Accounts, it No Longer Matters – The IRS has Access to Your Information
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Friday, June 6, 2014. There have been many potential strategies to protect income and assets offshore, including investing in gold and silver, renting out previous residences while in the US, or secreting assets in Swiss Accounts....
US Taxpayers Need To Carefully Consider Claiming “Non-Willful” Conduct on OVDP Applications
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, July 9, 2014. US resident taxpayers and US expatriates need to exercise caution when considering a claim of non-willful conduct during OVDP submissions to the IRS. The IRS has clearly communicated that it intends to...