Early this year, the United States Government Accountability Office (GAO) identified an area of tax evasion the IRS may have missed. Specifically, taxpayers with undisclosed offshore accounts who have attempted to come into compliance quietly, and not through one of...
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Disproportionate Penalties for FBAR Non-Filers
In the National Taxpayer Advocate's 2012 Report to Congress, it issued data highlighting the disproportionate penalties to account holders with undisclosed offshore accounts who participate in the IRS' Offshore Voluntary Disclosure Program (OVDP). Generally, if a...
Express Delivery FBAR Address and Mandatory Electronic Filing of FBAR Forms
As you likely are aware, FBARs are due June 30th, which is a date that cannot be extended, even when June 30th is on a weekend, as it is this year. Therefore, FBARs are due to be received by the Department of the Treasury in Detroit, Michigan, by Friday, June 28th. On...
Affordable Care Act or “Obamacare” Tax Considerations
The Affordable Care Act ("the Act," commonly referred to as "Obamacare") contains currently implemented tax provisions, as well as other that will be implemented during the next several years. According to the Internal Revenue Service, the following are some examples...
California based Apple, Inc. manages to avoid paying the IRS
Apple, Inc., which is based in the northern part of California, is best known for its iPhones, iPads and Mac computers, along with several other innovative tech gadgets. It is not as well known for being able to avoid paying the IRS approximately $30 billion in taxes....
IRS Closes In On Secret Caribbean Accounts
The IRS is continuing to crack down on undisclosed foreign accounts. One common location for offshore accounts - the Caribbean - is now facing increasing scrutiny by the IRS.To read more, click here.
This time it’s the IRS that’s being investigated
Many in California have been subjected to scrutiny from the IRS. Well, this time, it's the IRS that's being investigated. The U.S. Attorney General instructed the FBI to begin an investigation into how the IRS has dealt with certain political groups that are...
Luxembourg Agrees to Share Information with the U.S.
Luxembourg has recently agreed to enter into the Model I FATCA Agreement, which provides for an automatic exchange of information between the Luxembourg and American fiscal authorities on bank accounts held in Luxembourg by citizens and residents of the United...
IRS Reminds Those with Foreign Assets of U.S. Tax Obligations
Remember that FBAR reports are due for clients on June 28th, since there are no filing extensions on FBARs and the due date of June 30th falls on a Sunday this year. The filing deadline of June 15th for U.S. citizens and resident aliens living overseas or serving in...
IRS, Australia and United Kingdom Engaged in Cooperative Effort to Combat Offshore Tax Evasion
The tax administrations from the United States, Australia and the United Kingdom announced today a plan to share tax information involving a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world.The three nations...
