We are closing the appeal of an audit that's been ongoing for several years. The issue is that the income of a Foreign Corporation, owned by the taxpayer's foreign relative, is being attributed to the US taxpayer for the year 2010. This foreign Corporation had a large gain from the sale of an asset in…
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Whistle Blower Leaks Offshore Financial Records of 550 Canadians!
As we posted on May 6, 2013 Whistleblower Exposes Massive Offshore Corruption! discussing the release this of an investigation by the International Consortium of Investigative Journalists into off-shore holdings of people and companies in more than 170 countries and territories hiding trillions of dollars in income and assets. Now we come to discover that the…
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Cayman Banks to Disclose US Taxpayer's Information to the IRS!
We originally posted on August 26, 2013, Caymans Makes It Tougher for Wealthy to Hide Money! Were we discussed that 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. United States’ taxpayers are required to report offshore financial…
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2 New FATCA FAQ's Posted on IRS Website.
We originally posted on Friday, July 19, 2013, IRS Launches New FATCA Web Page. Now 2 new FATCA frequently asked questions (FAQs) documents have been posted on IRS.gov. The first set of FAQs is focused on FATCA registration system questions. The second set of FAQs deal with FATCA issues involving qualified intermediaries and, separately, address…
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