Foreign Account Reporting: Time Limit for IRS Action

Feel free to rate this post
by clicking the appropriate star.

To conduct an audit or otherwise take action on a tax return, the IRS must generally act within three years from the later of either the return’s due date or the date it was filed. That time limit may be extended to six years if there has been a “substantial...

Update on IRS Offshore Initiatives: Investigations and agreements with financial institutions worldwide

Feel free to rate this post
by clicking the appropriate star.

In our last post, we noted that the U.S. government goes to great lengths to identify and prosecute noncompliant taxpayers, as well as promoters and financial institutions who assist U.S. taxpayers avoid their tax obligations by hiding their offshore income and assets. Some recent plea agreements with large financial institutions...

Update on IRS Offshore Initiatives

Feel free to rate this post
by clicking the appropriate star.

Global tax issues are a top priority for the Internal Revenue Service Criminal Investigation Division (IRS-CI), which focuses its work on investigating taxpayers who willfully engage in tax evasion. Significant efforts are also being made to identify and take legal action against promoters and financial institutions who have assisted taxpayers...

Undisclosed Foreign Accounts

Feel free to rate this post
by clicking the appropriate star.

Serving as Executor can at times be more of a headache than an honor. On top of a pile of paperwork and dealing with a multitude of family issues, you can be sued! Executors have a number of responsibilities, most importantly payment of the decedent’s outstanding tax liabilities, debts and...

United States and South Korea Coordinate to Combat Monetary & Tax Crimes

Feel free to rate this post
by clicking the appropriate star.

To combat money and tax crimes, such as tax evasion and money laundering, the United States and Korean Governments have committed to a simultaneous criminal investigation program, SCIP. The arrangement allows the respective tax departments; the United States’ Internal Revenue Service (IRS) and South Korea’s National Tax Service (NTS), to...

FBAR Filing Deadline – Receipt on or before June 30

Feel free to rate this post
by clicking the appropriate star.

Foreign Bank Account Report, Treasury Department Form 90-22.1 (FBAR) Who Must File an FBAR: Generally, every U.S. person with a financial interest in or signature or other authority over, any financial account outside of the United States, must file an FBAR if the aggregate value of all accounts exceeds $10,000...

2012 Offshore Voluntary Disclosure Program; One Size Does Not Fit All

Feel free to rate this post
by clicking the appropriate star.

Also see the 2012 OVDP Requirements page The Internal Revenue Service (IRS) announced a recent third Offshore Voluntary Disclosure Program (OVDP) for U.S. taxpayers with unreported foreign income or financial accounts. The OVDP eliminates potential criminal penalties and greatly reduces the civil (monetary) penalties for U.S. taxpayers with previously undisclosed...

South Korea and the United States Enter Into Simultaneous Criminal Investigation Program (“SCIP”)

Feel free to rate this post
by clicking the appropriate star.

San Francisco CA - October 26, 2011 - The United States ("U.S.") and Korean Governments have entered into SCIP to combat tax evasion in the partnering countries.  The agreement between the U.S. and South Korea will allow the IRS to obtain records from South Korea's National Tax Service (NTS) to...