News

Update: FBAR and International Reporting Enforcement

For several years the IRS has made it known that international tax and reporting is a top priority.  Additionally, taxpayers and professionals have assumed information gathered under FATCA reporting would be used for enforcement.  As we enter 2018, these two thoughts are no longer assumptions and are more evident than ever.

The IRS Criminal Investigation division has announced two major initiatives in this arena.  First, a nationally coordinated investigations unit.   The group is expected to have higher efficiency due to better organization and structure.  Also, the unit will use data analytics to identity areas of concern or noncompliance.  This will assist the IRS and Criminal Investigations to deal with limited manpower resources.  Along with international enforcement, employment tax and stock fraud will also be key areas of focus.

The other initiative is an international tax enforcement group.  This group will also rely on data analytics as well as using subject matter experts.  The IRS has a vast array of data that can be utilized from sources such as FATCA.  This may be the first direct sign to tax evaders that FATCA is working, and anyone who has not yet gained compliance should seriously consider entering an amnesty program under the OVDP.

Disclaimer: Hone Maxwell LLP articles and blogs are not intended as legal advice. Additional facts, facts specific to your situation or future developments may affect subjects contained herein. Seek the advice of an attorney before acting or relying upon any information herein.

Latest Post

SAN FRANCISCO

870 Market St., Suite 588
San Francisco, CA 94102
415.765.1754

SAN DIEGO 

3465 Camino Del Rio South, Suite 400
San Diego, CA 92108
619.980.4476

IRVINE

4 Venture, Suite 320
Irvine, CA 92618
949.838.7807

TIJUANA

Centro Corporativo Dayco
Blvd. General Gustavo Salinas #11050
Suite 602, Col. Aviacion
22014 Tijuana, B.C., Mexico
+52 (664) 504 6415

Newsletter Signup

Stay updated on the latest tax laws.

This site is registered on wpml.org as a development site.