Thousands of Swiss bank workers have seen their data handed over to justice authorities in the United States and are now living with a considerable amount of uncertainty. Two years ago the US Department of Justice (DOJ) started investigating about ten Swiss banks suspected of helping thousands of wealthy Americans illegally evade taxes. …
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Foreign Tax Credit Compliance Tips!
The foreign tax credit laws are complex. Below are some quick summaries of the more complex areas of the law long with links to web pages on IRS.GOV with additional helpful resources. Foreign Sourced Qualified Dividends If a taxpayer receives foreign sourced qualified dividends and/or capital gains (including long-term capital gains, unrecaptured section 1250…
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Things to Consider when “Opting Out” of the Offshore Voluntary Disclosure Program (OVDP)?
1. Things May Get Better. According to a report from the Taxpayer Advocate, as of September 29, 2012 the average FBAR (Foreign Bank Account Report) penalty imposed in the 2009 Offshore Voluntary Disclosure Program (OVDP) opt-out cases is $15,737. That figure may be misleading because not all of the 2009 opt-out cases have been closed…
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Caymans Makes It Tougher for Wealthy to Hide Money!
The Cayman Islands, known as a haven for wealthy Americans seeking to stash cash overseas without scrutiny from the U.S. government, is about to become less secret. An agreement between the countries will put in place the Foreign Account Tax Compliance Act, or FATCA. The 2010 law makes it tougher to hide money overseas…
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