Foreign Tax Preparation OVDI

IRS Issues New Rules for Offshore Voluntary Disclosure

The IRS has announced (IR-2014-73) changes to its offshore voluntary compliance programs. These changes provide new options for taxpayers residing overseas and in the United States come into compliance their…

Compliance Issues Foreign Tax Preparation Switzerland

Credit Suisse Agrees To $196 Million Settlement With The SEC

Credit Suisse Group AG agreed to pay $196.5 million and admit wrongdoing to settle U.S. Securities and Exchange Commission charges that it provided cross-border brokerage and investment advisory services to…

Compliance Issues Foreign Tax Preparation

New Rules for 2013 Tax Year PFIC Filing (Form 8621)

On December 30, 2013, the IRS published a package of proposed, temporary, and final regulations relating to Passive Foreign Investment Companies (“PFICs”) and their shareholders. The most significant component of…

Foreign Country Filing Considerations Foreign Tax Preparation

IRS Requires US Banks to report $10 or More In Interest on accounts held by nonresident Aliens

January 13th 2014 – Federal District Court Upholds IRS Regulations Requiring Interest of $10 or More to Be Reported by US Banks for Accounts held by Nonresident Aliens. A petition…

Foreign Tax Preparation

Ty Warner Pleads Guilty To Tax Evasion

H. Ty Warner, the man behind Beanie Babies, plead guilty to tax evasion in U.S. District Court.  Warner owes the government $53.6M in failure to file penalties and offshore account…

Compliance Issues Foreign Tax Preparation

Swiss Make Major Moves on Compliance With FATCA

Progress on Swiss compliance with U.S. FATCA regulations means time is running out for those committing tax evasion, say tax attorneys. Tax attorneys report that Switzerland is progressing towards a…

Foreign Tax Preparation Tax Amnesty

What You Need to Know About US Tax Amnesty Programs

It is often said, “only two things are certain in life – death and taxes”, but it turns out that some international taxpayers may at least have a chance at…

Foreign Tax Preparation OVDI Tax Amnesty

Declaring Your International Assets Under a Tax Amnesty Program

Tax evasion and falsified tax returns are now being addressed with the US Tax Amnesty Program. Severe penalties come with such a felony, including criminal prosecution and imprisonment. State governments…

Foreign Tax Preparation OVDI Tax Amnesty

OVDP, OVDI, Offshore Voluntary Disclosure Program

In today’s globalized economy, with the mobility of individuals, many members of wealthy families have bank accounts, rental properties, stocks and securities and assorted other assets spread across the globe. …