Many of us spend our lives scrimping and saving so we have something to leave to our families. Leonard Smith, during his years of labor, accumulated $400,000 in his IRA which he planned to leave to his children. He, in his last will and testament, specifically stated that the funds in the IRA should go to…
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Transitional Rules For The New Revisions OVDP Program!
The new revisions to the US offshore voluntary disclosure initiative, which we posted on 6/18/14 "IRS Makes Changes to Offshore Programs; Revisions Ease Burden and Help More Taxpayers Come into Compliance", now provides for the followingTransition rules: Purpose of transitional treatment. Transitional treatment under OVDP will allow taxpayers "currently participating" (see below) in OVDP who…
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92 FATCA Information Sharing Agreements Start Today!
Since our post of Tuesday, May 13, 2014, 10 More FATCA Agreements, Bringing the Total to 62!36 more countries have entered into FATCA agreements with the United States, bringing the total to 98! The Treasury Department has added 36 new jurisdictions to the list of those that have agreed to share information with the U.S. under…
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IRS Will Now Accept an ‘I Was Clueless’ Defense for Offshore Tax Evaders
Newsweek.com - As the Justice Department winds down its eight-year crusade against Swiss banks selling offshore tax-dodging services to wealthy Americans, the Internal Revenue Service is offering its own parting gift: softer penalties for taxpayers who come out of the woodwork to disclose their secret accounts. Call it the advent of the “I was clueless” defense.…
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