Sep 26, 2018 | Firm Updates, International Tax
As we previously reported, the Internal Revenue Service (IRS) will close the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. The OVDP was launched in 2009 to encourage compliance with foreign asset reporting, allowing U.S. taxpayers a way to avoid...
Apr 9, 2018 | Firm Updates, International Tax
The following is an excerpt from an April 9, 2018, news release from the IRS: The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement. At...
Jan 30, 2018 | Firm Updates, International Tax
Having foreign accounts and wading through the reporting requirements can be a daunting task. This week we hope to shed some light on two of the more common forms and when you need to file them. FinCen 114, also known as the FBAR (which stands for Foreign Bank Account...
Jul 31, 2017 | Firm Updates, International Tax
This final installment of this blog series will discuss taxpayers who willfully have not disclosed foreign accounts or paid taxes. Taxpayers who want assurance that they will not be subject to criminal liability and/or substantial monetary penalties should consider...
Jul 10, 2017 | Firm Updates, International Tax
When people read the words “IRS” and “foreign account,” their first thought often is to ignore it, because they do not think it applies to them. However, many people are surprised to learn that they actually do have foreign assets to report. Here are some examples:...