On Tuesday, June 17, 2014 we originally posted "Did You Receive a Swiss Bank Letter Asking You to Confirm That You Are Compliant with US Tax Law?" where we discussed that numerous clients of our firm have requested advice on how to respond to letters from their Swiss Bankers asking them to confirm that they are…
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Components Of The Revised 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 following clarifications to the OVDP program: Continuation of 2012 OVDP. The "revamped" OVDP is not a new program but rather a…
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OVDP Penalty Increased To 50%!
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 and increased 50% FBAR Penalties for 'Willful' Non-Disclosers. This group includes those individuals who have offshore bank accounts with a foreign…
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IRS Makes Changes to Offshore Programs; Revisions Ease Burden and Help More Taxpayers Come into Compliance
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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