The IRS' focus on offshore enforcement efforts and related disclosure programs has raised awareness among many U.S. citizens about their tax filing and information reporting obligations. Situations of taxpayers with offshore compliance issues vary widely given the complexity of this area of tax law. Taxpayers that recently learned of these tax requirements should also be…
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FATCA: Updates for Hong Kong, Philippines, New Zealand and Singapore.
Thomson Reuters Accelus Published FATCA IGA Updates for Asia As of September 2, 2013 HONG KONG In August 19, 2013, the Hong Kong Monetary Authority (HKMA) released a circular directing financial institutions to ensure compliance by establishing the necessary processes and controls, if applicable. HKMA also suggested that the Hong Kong Association of Banks and…
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OVDP Closed During The Government – IRS Shutdown.
We originally posted on Tuesday, October 1, 2013, "IRS Operations Limited During The Government Shut Down!" regarding that due to the current lapse in appropriations, IRS operations are limited. Now Anthony Parent has posted that he heard from a senior level OVDP examiner that all those additional IRS examiners that were going to be hired last…
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OVDP Streamline Program Requires Taxpayer's NOT Timely File Their 2012 Form 1040?
Where you have a client that you plan to put into the streamlined program, but do not have all the prior year returns prepared by October 15, 2012; you appear not to be able to qualify for the program. If the taxpayer files their 2012 Form 1040 on time (by October 15), will this disqualify the taxpayer's from the program? The answer appears to…
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