Mossack Fonseca, the firm at the center of the ‘Panama Papers’ affair, has announced it is to close operations at the end of March 2018. Millions of confidential client documents were stolen from the trust and company service provider in April 2016 and released to the press, triggering a media campaign that led to reputational…
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IRS Issues FAQ's Regarding How to Report Section 965 Transition Tax on 2017 Tax Returns
On March 13, 2018, the IRS added Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns on its website. This document provides answers to questions regarding return filing and tax payment obligations arising under section 14103 of “An Act to provide for reconciliation pursuant to titles II and V of the…
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IRS to End OVDP Sept. 28 – Last Chance for Taxpayers With Undisclosed Foreign Assets!
WASHINGTON – The Internal Revenue Service today announced (IR-2018-52) tha it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on Sept. 28, 2018. By alerting taxpayers now, the IRS intends that any U.S. taxpayers with undisclosed foreign financial assets have time to use the OVDP before the…
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More Charges Against Ex-Trump Campaign Chair Including Offshore Account Violations!
On October 30, 2017 we posted Ex-Trump Campaign Chair Charged With Conspiracy Against US and Offshore Account Violations! President Donald Trump's former campaign chairman, Paul Manafort, and an alleged co-conspirator have been indicted on charges of conspiracy against the United States, money laundering and bank records charges tied to close to a decade of secret lobbying…
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