As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers... Read More »
Articles in category 'Voluntary disclosure'
Win big in the office Super Bowl pool? Don’t forget to tell the IRS
We have all done it. Participated in the office pool for the Super Bowl. I once won $250 a few years back by betting $20 on my team to win. Should I have reported those winnings to the IRS? Good question. According to Kay Bell, tax blogger for this recent article published by bankrate.com, I…
Read Full Article Categorized in: Accounting, Articles, Florida Tax Audits, Individual Tax Returns, IRS Audits, Penalties, Tax Advice, Tax Return Preparation, Tax Tips, Uncategorized, Voluntary disclosureFlorida Man Convicted for Unreported Foreign Account
If you own or have signature authority over a foreign account and put in the name of another entity in order to hide it from the IRS or avoid the FBAR disclosure requirements, you can count on a criminal prosecution if the IRS catches you. Wolfgang Roessel has been convicted of filing a false tax return, a…
Read Full Article Categorized in: Criminal Tax, Voluntary disclosureFBAR Penalty Stories
Joe Kristan has a nice little post about the absurd FBAR penalties: Another inspiring tale of international tax enforcement from Phil Hodgen: I’m 33 and single, I’ve been living in France for 13 years, am naturalized French (and born American). I had NO idea about these reports until I started searching on tax information for…
Read Full Article Categorized in: Voluntary disclosureIRS Criminal Penalties for Delinquent Offshore Account Holders
In considering whether or not to participate in the IRS’s Offshore Voluntary Disclosure Initiative (OVDI) taxpayers should be aware that if they do not participate and are caught they face a possible ten year prison sentence, a $500,000 fine and a civil penalty of 50% of the the highest account balance for each year the FBAR was…
Read Full Article Categorized in: Voluntary disclosureIRS OFFSHORE VOLUNTARY DISCLOSURE AMNESTY
Peter Pappas discusses the IRS’s extension of the Offshore Voluntary Disclosure Intiative (OVDI). Taxpayers with unreported foreign accounts and unreported foreign income are urged to come forward and participate in the OVDI program to avoid serious civil and criminal penalties. This is a great opportunity and one that every offshore account holder should seriously consider. Call…
Read Full Article Categorized in: Podcasts, Voluntary disclosureOVDI Update: IRS Gives Offshore Account Holders Yet Another Chance
We recentlly announced that the IRS is extending its Offshore Voluntary Disclosure Intiative (OVDI). Since September 2011, we have received hundreds of calls from offshore account holders who wanted to get into the OVDI program. Unfortunately, until now, we have had to tell them that it was too late. Once again, if you have a…
Read Full Article Categorized in: Voluntary disclosureIRS Extends Offshore Voluntary Disclosure Initiative – OVDI 2012
The IRS has just announced that it will give offshore account holders another chance to avoid criminal prosecution and limit penalties. Call or email us today for a free consultation about the extended Offshore Voluntary Disclosure Initiative (OVDI). This is a great opportunity for taxpayers to avoid serious IRS problems.
Read Full Article Categorized in: Voluntary disclosureNew York Times: Global Crackdown on Tax Crimes Intensifies
David Jolly of the New York Times reports that the United States, France, German and Great Britain are working together offshore and other types of tax evasion: The global body that sets standards for combating money laundering and terrorist financing said Thursday that governments should treat tax crimes as a red flag for other types…
Read Full Article Categorized in: Criminal Tax, Voluntary disclosureAnother IRS Amnesty Program: The Voluntary Classification Settlement Program
The IRS is apparently so happy with the results of it’s offshore voluntary disclosure program that it has established a similar program in the area of worker classification. Michael Cohn of AccountingToday writes that the IRS has introduced a new voluntary compliance program Wednesday to convince employers to resolve their past issues with classifying employees as independent…
Read Full Article Categorized in: Announcements, IRS Audits, IRS Penalties, News, Payroll Taxes, Voluntary disclosureIRS Bait and Switch in Voluntary Disclosure Program
Joe Kristan writes in Darth Shulman to Foreign Account Holders: I am Altering the Deal. Pray I Don’t Alter it any Further: Jack Townsend explains the IRS bait and switch in its 2009 foreign account “amnesty”: …the Taxpayer Advocate criticizes the IRS’s implementation of its statement in the 2009 Voluntary Disclosure Program that “[U]nder no circumstances will…
Read Full Article Categorized in: International Taxation, IRS Audits, IRS Procedure, Voluntary disclosureDeadline Reminder for Taxpayers Living Abroad and Those with Foreign Bank Accounts
Taxpayers living abroad must file their 2010 tax returns by June 15, 2011. And individuals owning an interest in a foreign account must file form TD F 90.22-1 by June 30, 2011 or face steep penalties: June 15 Tax Deadline Nears for Americans Abroad; Don’t Forget to Report Foreign Accounts IR-2011-66, June 10, 2011 WASHINGTON…
Read Full Article Categorized in: Announcements, Individual Taxation, International Taxation, Voluntary disclosureIRS Offers New Voluntary Disclosure for Offshore Tax Violaters
Jack Townsend reports that the IRS has announced a new special voluntary disclosure program: For now, I will just link to the announcement here and provide only the bullet points I see with no (or very limited) editorial comment: 1. The deal is available through 8/31/11. (Note, however, taxpayers must “file” the required amended income tax…
Read Full Article Categorized in: International Taxation, Voluntary disclosureAvoid Penalties & Criminal Charges Via New IRS Voluntary Disclosure Program
Contact us for a free and confidential consultation about the new Voluntary Disclosure Program and whether it is right for you. The Internal Revenue Service announced today a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their…
Read Full Article Categorized in: Voluntary disclosure