Moskowitz LLP, Author at Moskowitz LLP

Offshore Bank Account and Asset Alert: March 2014

Posted on March 31, 2014February 19, 2019 by Moskowitz LLP Posted in International Taxation

Another 106 Banks will be turning over customer information to the United States Department of Justice (DOJ) - What this means for those with Offshore Bank Accounts and Assets - Especially in Japan, Hong Kong, Taiwan, Mainland China, and South Korea The United States has succeeded in obtaining huge fines...

Think the Government isn’t serious about Offshore Bank Accounts?

Posted on February 19, 2014February 19, 2019 by Moskowitz LLP Posted in International Taxation, Criminal Tax Law

Think that if you have offshore assets and you get caught, that you can just pay the Government? Think Again. Beanie Babies creator Ty Warner was sentenced to two years probation as a result of his offshore bank accounts. Remember, he tried to come forward and take part in the...

Offshore Voluntary Disclosure and Tax Compliance

Posted on February 9, 2014February 19, 2019 by Moskowitz LLP Posted in International Taxation, Tax Planning & Compliance

Our team of experienced tax attorneys can help you become compliant with the Internal Revenue Service and minimize or eliminate your exposure to any offshore penalties and other problems. Offshore Voluntary Disclosure Representation One option individuals who have unreported foreign bank accounts and have underreported or failed to disclose foreign...

Happy Lunar New Year!

Posted on January 30, 2014February 19, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance

We hope that you had a wonderful and joyous winter holiday season with your family and friends. Looking ahead, all of us at Moskowitz LLP, A Tax Law Firm would like to wish you a Happy Lunar New Year! Lunar New Year marks the beginning of spring, traditionally a time...

Pre-Immigration Tax Planning

Posted on January 22, 2014February 19, 2019 by Moskowitz LLP Posted in International Taxation, State & Local Taxation, Tax Planning & Compliance

The decision of a nonresident alien to move to the United States and become a U.S. citizen or resident alien will invoke significant tax considerations involving the interaction of the tax systems of the United States and the alien's current country of residence. This includes both consequences under U.S. law...

January 2014, Tax Tips & More

Posted on January 15, 2014February 19, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance

We wish you a happy and prosperous New Year! In keeping with this spirit, and since we are in the business of legally minimizing taxes, here are a few tax related tips for a profitable 2014: IRS to Audit flow through entities As we previously reported, the IRS has announced...

Qualified Quiet Disclosure

Posted on January 14, 2014February 19, 2019 by Moskowitz LLP Posted in International Taxation, Tax Planning & Compliance

Several options exist for individuals with prior undisclosed foreign assets and/or income to become compliant with the IRS. Two of the more commonly used choices are the Qualified Quiet Disclosure and the Offshore Voluntary Disclosure Program ("OVDP"). Taxpayers entering into the Offshore Voluntary Disclosure Program must agree to several requirements. ...

Final Net Investment Income Tax Regulations: December, 2013 Update

Posted on December 31, 2013February 19, 2019 by Moskowitz LLP Posted in Tax Planning & Compliance

Final regulations were issued December 2, 2013, for the net investment income tax imposed under Section 1411. The final regulations adopt with amendments the proposed regulations that were issued in December 2012. Section 1411 imposes a 3.8 percent tax on certain individuals, estates, and trusts with respect to passive income....

Citizens of China can invest in US real estate and pay no tax

Posted on November 12, 2013February 19, 2019 by Moskowitz LLP Posted in International Taxation

With the rapid growth of Chinese economy, overseas property and investment has become a new investment concept for many citizens of China. Domestic policies for house-purchase restrictions and controls, in addition to the global real estate boon, have stimulated the formation of the buyer's in China for overseas property. Further,...

The Qualified Quiet Disclosure: Operating Outside of the IRS Offshore Voluntary Disclosure Initiative

Posted on November 8, 2013February 19, 2019 by Moskowitz LLP Posted in Tax: Audits, Litigation & Collection

Individuals with previously undisclosed foreign assets and/or income have a variety of options to become compliant with the IRS, with two avenues for resolution being the most common: Qualified Quiet Disclosure and the Offshore Voluntary Disclosure Program ("OVDP"). Absent facts indicating willful or reckless intent, an individual may be better...

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