IRS Targets Offshore Accounts and Income in Dirty Dozen Tax Scams for 2015
The Internal Revenue Service (IRS) continues to remind taxpayers of the danger of hiding money or assets in unreported offshore accounts. The IRS has been very focused on this issue now for over 5 years. Violations of U.S. global tax reporting and FBAR filing laws can be criminal and there are severe civil penalties even for […]
IRS Increases Offshore ‘Amnesty’ Penalty From 27.5% To 50% for Certain Taxpayers Effective August 4, 2014
As discussed in our post on June 24, 2014, the IRS has announced important changes to its offshore voluntary account programs. These changes were announces as FATCA took hold worldwide on July 1, 2014. One of the biggest changes announced by the IRS was the changes made to the main disclosure program knows as the […]
Tax News: Major Changes to Offshore Voluntary Disclosure Program (OVDP) – the Good, the Bad, and the Uncertain
Amid heavy pressure from tax professionals and taxpayers alike, the IRS has finally made changes to the Offshore Voluntary Disclosure Program (OVDP). The pressure to change the program came from the clear impression by many that the former programs were too severe for taxpayers who were not attempting to evade taxes or hide assets offshore. […]