On Tuesday, April 1, 2014 we posted "IRS Targets Americans Living In Israel!" where we discussed that according to The Jewish Daily Forward, this upcoming tax season could entail some unpleasant surprises for United States citizens who either live in Israel or who hold bank accounts there. Filing requirements for these Americans have become more rigorous…
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IRS Issues Instructions for Requesters of Forms W-8 Under FATCA
The Internal Revenue Service issued instructions July 21 for U.S. withholding agents who must request a series of Forms W-8 under the Foreign Account Tax Compliance Act. The instructions have been deemed critical for agents trying to comply with FATCA, which requires foreign financial institutions to disclose U.S.-owned accounts to the IRS or possibly face…
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IRS OVDP vs. New Streamlined?
IRS OVDP vs. Streamlined: What To Do? - Forbes forbes.com -The IRS recently announced Streamlined Filing Compliance Procedures in an effort to encourage U.S. taxpayers to come into compliance with their reporting and filing requirements associated with varying interests in foreign financial accounts and assets. The streamlined procedures require the filing of original (for non-residents) or…
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Roadmap of New OVDP Procedures With Links to Latest IRS Guidance
On 6/18/14 we posted "IRS Makes Changes to Offshore Programs; Revisions Ease Burden and Help More Taxpayers Come into Compliance", where we discussed the program now provides for the following clarifications to the OVDP program: Continuation of 2012 OVDP. Increased penalty in certain situations. Reduced penalty structure eliminated. Potential penalties for non-disclosers. Potential criminal charges…
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