Just when many thought the wave of IRS focus on offshore accounts and investments had passed the next wave has reached our shores. The recent decisions by Mexico and South America to implement their own FATCA regulations means a continued tightening of inter-agency communication and international monetary tracking. The success...
IRS Disclosed More than $10 Billion Collected from FBAR Compliance
This week John Koskinen, IRS Commissioner, claimed success based upon FATCA driven voluntary disclosures by US taxapayers. The IRS disclosed more than $10 Billion collected from FBAR compliance through the Offshore Voluntary Disclosure Program or OVDP and the Streamlined Domestic Offshore Procedures. “The IRS has passed several major milestones in...
IRS FBAR Audits and Prosecutions Have Begun
The IRS FBAR audits and prosecutions have begun and the clock is ticking for those who have yet to come into full FBAR compliance with the IRS. A Connecticut man recently plead guilty to the offshore scheme he used to conceal income from the IRS. The man, a duty-free importer...
Texas Case Shows a Piece of IRS Offshore Willful Analysis Strategy
Earlier this year the IRS, with the help of a US Bankruptcy Judge, successfully pierced a complex strategy by two Texas brothers Sam and Charles Wyly. The Wyly brothers were accused by the IRS of tax fraud related to the funneling of money and assets to offshore banks through a comprehensive series...
What does a Professional Foreign National Working in San Diego Need to Know about the IRS?
Have you come into the San Diego area on an H1-B visa in order to work in one of our high tech or research companies? What does a professional foreign national working in San Diego need to know about the IRS, offshore account and asset reporting and FBAR compliance? Many...
Offshore Accounts Tax Evasion and the IRS OVDP
The subject of hiding income and assets in secret offshore bank accounts has gone from a somewhat glamorous endeavor to reduce the amount of taxes one would pay to the IRS to a practice that is denounced world-wide as evidenced by convictions against major Swiss banks and financial institutions and...
Status of Banks Reporting Data to the IRS Under FATCA
When does the final onslaught of data to the IRS from banks around the world begin? What is the status of banks reporting data to the IRS under FATCA and when will FBAR and offshore related audits begin in earnest? These are questions tax experts around the world continue to...
San Jose Indian Foreign National Given Six Month Prison Term for Hiding Offshore Accounts from the IRS
We have advised foreign nationals living and working in the United States to come into compliance with IRS FBAR requirements for quite some time. One recent example of the risks faced by failing to come into FBAR compliance is a six month prison sentence to an Indian foreign national who...
The IRS is Cutting 7000 Jobs – Are We all Free of Audit Concerns Now?
The IRS has announced that it is cutting 7000 jobs in 3 centers. Does this mean we are all free of audit concerns now? Well, like any well crafted business contract you have to read the fine print! The IRS will be reducing its workforce by 7,000 employees through planned...