How complicated is a non-willful claim on IRS Streamlined application form 14654? Lets just say the IRS isn't going to take your word for it, slap you on the wrist with a 5% penalty and send you on your way. In fact, the Streamlined Domestic Offshore Procedures form 14654 requests...
Foreign Nationals Must Meet FBAR Compliance – Residing or Working in US
For those who are residing or working in the United States it is important to understand foreign nationals must meet FBAR compliance and reporting. Many professionals working under an H1-B visa, or those who are married to US citizens do not realize they must make a full disclosure of their...
Streamlined Domestic Offshore Procedures Still a Viable Option for Foreign Nationals
The offshore focus of the US Treasury Department and the IRS is well documented, and many questions remain for those who have either yet to take action to come into compliance with IRS FBAR and offshore reporting or for foreign nationals who may not have realized the requirements. Our office...
US Offshore Taxpayers FBAR and FATCA Still Great Concern for IRS Watchdog
A leading IRS National Taxpayer Advocate has issued her mid-year findings for 2016 last week. The report is very critical on the agency's support of US offshore taxpayers and expatriates, and focused upon the IRS' goals for the rest of 2016. The number one area of focus continues to be...
Treasury Department and IRS Propose Changes to Offshore Business Taxes and Inversion
The US Treasury Department and the IRS to propose changes to offshore business taxes and a practice known as "Inversion." A hearing yesterday brought stiff resistance from representatives in the business community and others seeking to preserve offshore tax advantages. "Inversion" is one of the specific strategies addressed in the...
IRS Missed $39 Million in OVDP Penalties
The US Treasury Department's Inspector General for Tax Administration has determined that the IRS missed an opportunity to collect over $39 Million in OVDP penalties from taxpayers who were either rejected or withdrew their application to the OVDP or Offshore Voluntary Disclosure Program. In a press release, Inspector General J....
FBAR Electronic Filing Due June 30 – No Extensions
If you had a financial interest in a foreign financial account, or signatory or authority over one or more accounts whose aggregate value exceeded $10,000 USD at any point in 2015, you are required to file an IRS FBAR (Report of Foreign Bank and Financial Accounts). You must submit the FBAR...
What is the Offshore Voluntary Disclosure Program or OVDP in San Diego?
What do US taxpayers in San Diego need to know about the IRS Offshore Voluntary Disclosure Program or OVDP and how can it be the safest option for disclosing previously unreported offshore accounts, assets and income? The IRS Offshore Voluntary Disclosure Program is exactly what it sounds like - a...
IRS Tells Taxpayers “I Didn’t Know” Won’t Work – OVDP the Safest Option for FBAR Compliance
Many taxpayers had hoped that telling the IRS "I didn't know" and submitting a streamlined disclosure application would get them through FBAR disclosures quickly and inexpensively. After all, the streamlined options reduces penalties down to 5% is the IRS accepts the streamlined application when compared to the OVDP or the...