The Internal Revenue Service today reminded taxpayers that, due to the current budget situation including the sequester, the agency will be shut down on Friday, June 14. As was the case on May 24, the first furlough day, all IRS operations will again be closed on June 14. This means that all IRS offices, including…
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UK Crown Dependencies Pushed to Accept FATCA, Beneficial Ownership Registries & Automaic Exchange of Information.
We first posted UK mini-FATCA Agreements Spells The End for UK Tax Haven Territories!, on Monday, November 26, 2012, where we discussed that the UK government is about to reveal legislation imposing automatic client disclosure provisions on financial institutions in the Crown Dependencies and British Overseas Territories. The draft, described as a UK version of the…
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IRS Cracks Down on “Quiet Disclosures”
The IRS is cracking down on so-called soft or "Quiet Disclosures." According to a recent the U.S. Government Accountability Office (GAO) report, more than 10,000 taxpayers showed signs of having avoided offshore penalties by making “Quiet Disclosures” of foreign bank accounts for tax years 2003 through 2008,, a period for which the IRS has detected…
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FBAR's – With the June 30th Deadline Quickly Approaching, Here is youir Latest IRS FBAR News & Updates!
With the upcoming June 30th deadline to file 2013 FBAR forms for US Taxpayers with foreign accounts over $10,000 and so much News regarding FBAR's, we thought it would be a good time to review the FBAR requirement as well as the News relating to the IRS' Enforcement Efforts regarding FBAR's and Offshore Voluntary Disclosures, including: Report of Foreign…
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