IRS to End Offshore Voluntary Disclosure Program..Streamlined Program Next?

March 13, 2018 WASHINGTON – The Internal Revenue Service today announced it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on Sept. 28, 2018. By alerting taxpayers now, the IRS intends that … Read More

Deutsche Bank to pay $95 million to resolve U.S. tax claims

(Bloomberg) Deutsche Bank AG agreed to pay $95 million to settle U.S. claims it used underfunded shell companies to evade taxes, the second time since 2010 that it resolved a government tax case. The U.S. sued the bank in 2014 … Read More

FinCEN Grants Permanent Automatic Extensions for FBARs

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that, to implement the new due date for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), of April 15 (April 18 for 2017), it will automatically grant all … Read More

Breaking: ICIJ publishes new leak of offshore corporate data

A cache of leaked documents provides names of politicians and others linked to more than 175,000 Bahamian companies registered between 1990 and 2016 For years, Neelie Kroes traveled Europe as one of the continent’s senior officials, warning big corporations that … Read More

Foreign Account Filings Top 1 Million; Taxpayers Need to Know Their Filing Requirements

WASHINGTON – Strong and sustained growth of taxpayers complying with foreign financial account reporting reflects improving awareness and compliance of this important part of offshore tax rules, the Internal Revenue Service said today. “Taxpayers here and abroad need to take … Read More

Scariest Tax Form? Omit It, And IRS Can Audit You Forever

Scariest Tax Form? Omit It, And IRS Can Audit You Forever  Feb 8, 2016   Before you file your taxes, consider how long you must look over your shoulder. In many cases, the IRS has three years to audit. The … Read More

“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