Foreign Assets

OVDP Closing: Sept 28th

OVDP Closing: Sept 28th

OVDP is more reasonable.  Eight years of back taxes with penalties and interest.  A reduced FBAR penalty - 27.5% of highest balance over eight years (50% if you used the wrong bank).  No criminal charge.  No prison time.  The window closes on OVDP on September 28th. 

Time Is Running Out For Taxpayers To Take Advantage Of The Offshore Voluntary Disclosure Program

Time Is Running Out For Taxpayers To Take Advantage Of The Offshore Voluntary Disclosure Program

Under current law, U.S. taxpayers must report certain offshore assets. Each "US person" with an interest in, signature or other authority over, one or more bank, securities, or other financial accounts in any foreign country must file a Report of Foreign Bank and Financial Accounts (more commonly, FBAR) if the aggregate value of such accounts at any point in a calendar year exceeds $10,000. 

IRS & FATCA Hunt Offshore Accounts

IRS & FATCA Hunt Offshore Accounts

If you are a U.S. citizen or resident and have a foreign bank account anywhere, […] you must report worldwide income on your U.S. tax return. If you have an interest in a foreign bank account, check “yes” (on Schedule B).


IRS Offshore Account Amnesty Closing

IRS Offshore Account Amnesty Closing

Offshore accounts and income are still in the IRS crosshairs. […] For ten years, the IRS has run its Offshore Voluntary Disclosure Program (OVDP), a type of tax amnesty. But now, OVDP will formally close on September 28, 2018. 

Skipped FATCA Disclosures Can Be Crimina

From Forbes.com

Mess with FATCA, and you might face criminal charges. That is one lesson from a five-count superseding indictment charging Panayiotis Kyriacou, Arvinsingh Canaye, Adrian Baron, and Linda Bullock with conspiracies to defraud the United States by obstructing the functions of the IRS in its administration of the Foreign Account Tax Compliance Act (“FATCA”). FATCA requires foreign financial institutions to identify U.S. customers and report information about their financial accounts. FATCA’s primary aim is to prevent U.S. taxpayers from using foreign accounts to facilitate the commission of federal tax offenses. A grand jury had already charged Kyriacou, Canaye, Baron, Bullock with conspiracy to commit securities fraud and money laundering conspiracy, and the superseding indictment adds tax charges.

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