On Wednesday, June 4, 2014 we posted, "IRS to Unveil Compliance Program for U.S. Expats Not Willfully Evading Taxes?" where we discussed that U.S. citizens abroad who are non-compliant with their tax obligations but aren't willfully evading taxes may be able to come into compliance under a new program to be announced by the Internal Revenue…
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Swiss FATCA Agreement NOW in Force!
On Friday, April 11, 2014, we posted "Swiss Bank Information Can NOW be Disclosed to Foreign Tax Authorities WITHOUT Notice!"where we discussed That the Swiss Parliament has approved a legal amendment that tax evaders will not always have to be told if Switzerland sends information about them to other countries. The move further loosens Swiss…
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No FBAR Reporting Requirement in 2013 for Bitcoin!
Taxpayers don't have to report Bitcoin on the FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), for the current filing season, an Internal Revenue Service official said. Rod Lundquist, a senior program analyst for the Small Business/Self-Employed Division, cautioned June 4 that could change in the future as the IRS continues to…
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Did You Receive a Swiss Bank Letter Asking You to Confirm That You Are Compliant with US Tax Law?
We have numerous clients requested advice on how to respond to letters from their Swiss Bankers asking them to confirm either: That the account has been declared to the IRS, with evidence of either copies of actual FBAR reports and/or A certification from a US tax advisor or lawyer stating that they can has been declared…
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