“Dirty Dozen” List of Tax Scams for the 2015 Filing Season

February 5th, 2016 Hiding Money or Income Offshore among “Dirty Dozen” List of Tax Scams IR-2015-09, Feb. 5, 2016 WASHINGTON — The Internal Revenue Service today said avoiding taxes by hiding money or assets in unreported offshore accounts remains on … Read More

IRS Launches International Data Exchange

WASHINGTON — The Internal Revenue Service announces the opening of the International Data Exchange Service (IDES) for enrollment.  Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial accounts held by U.S. … Read More

IRS Offshore Voluntary Disclosure Efforts Produce $6.5 Billion; 45,000 Taxpayers Participate

FS-2014-6, June 2014 Stopping offshore tax cheating and bringing individuals, especially high net-worth individuals, back into the tax system has been a top priority of the Internal Revenue Service for several years. IRS offshore voluntary disclosure programs are designed to … Read More

IRS Announces Significant Changes to Streamlined Program

IR-2014-73, June 18, 2014 WASHINGTON — The Internal Revenue Service announced today major changes in its offshore voluntary compliance programs, providing new options to help both taxpayers residing overseas and those residing in the United States. The changes are anticipated … Read More

E Filing of FBARs Required

Effective 7/1/2013, all FBARs (Report of Foreign Bank and Financial Account) must be filed electronically. The US Department of Treasury will no longer accept paper filings of FBARs (now Form 114).    

Obama Care & Expatriates

Are U.S. citizens living abroad subject to the individual shared responsibility provision? Yes. However, U.S. citizens who live abroad for a calendar year (or at least 330 days within a 12-month period) are treated as having minimum essential coverage for … Read More