Category: Tax Compliance

Do I need to file a special extension to get an automatic extension to file similar to the IRS form for individual Income Tax Returns…although automatic you still need to file?

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 taxpayers filing the form a six-month extension every year to Oct. 15 (which will be Oct. 16, 2017, because Oct. 15 is a Sunday). FinCEN explained that this six-month extension will be automatic each year and that taxpayers do not have to request extensions.

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 changed the due date of FBARs to April 15 to coincide with the due date for individual income tax returns. Before the change, the form was due on June 30th, a date that did not coincid

IRS announces an end to the Offshore Voluntary Disclosure Program, what does this mean for you?

The IRS has announced that its Offshore Voluntary Disclosure Program (OVDP) will end on 28 September 2018. US citizens are subject to US tax on worldwide income even if they are not resident in the US. A failure to comply may result in civil and criminal penalties being imposed. The OVDP enables

Creation of the U.S. Passport Denial and Revocation

Under a law passed by Congress in 2015, the Department of State is required to deny an individual’s passport application and is authorized to revoke or limit an existing passport if the IRS has certified the individual as having a seriously delinquent federal tax debt (i.e., a federal tax debt exc

Time to Come in From Out in The Cold

One wonders whether it is beneficial to remain out of the U.S. Tax Return filing compliance system or seriously consider being in compliance with U.S. laws on filing a U.S. Tax Return. Of course, one of the best methods in making this determination is to seek experienced and wise counsel to assist and guide you in such decisions. Either decision noted above is complex and froth with systemic consequences that may involve and/or last for years.

Recently, I was retained by a Dual Citizen, “DC”, having both foreign and U.S. citizenship as well as only recently learning of the filing of a U.S. tax return obligation. DC made a special trip to the U.S. to find competent legal/accounting counsel on this matter and spent almost an entire month interviewing firms and practitioners. Ea

Year End Tax Planning

Year End Tax Planning: You may have to report information about foreign financial assets and accounts in 2017 if you exceed IRS thresholds by or on December 31, 2017!

Comparison of House and Senate Versions of Tax Reform Bill

While none of us know what the ending tax bill will look like, here is the current versions of the tax bill as it relates to the House and the Senate.

House & Senate Tax Bill Comparison

Being current with the I.R.S. on past tax filings is not your only concern

Recently, my office has seen a marked increase in the number of U.S. Citizens/Green Card Holders and U.S. Resident Aliens coming forward to file past tax returns with the I.R.S. Now, this does present its own set of challenges that we are very capable of successfully handling for you, but most attor

Recent Coinbase Communications between Congress and the Internal Revenue Service on the John Doe Summons

INTRODUCTION: On May 17, 2017, less than 2 months ago, powerful members of the U.S. Congress sent a letter to John Koskinen, the Commissioner of the Internal Revenue Service, requesting information about the IRS’s digital currency strategy as well as recent events surrounding the IRS’s s

11.5 Million Documents Leaked

11.5 Million Documents Leaked: The Crippling Panama Papers Transmuted Overnight From Privileged Attorney Information To Forever In The Hands of the Public And The Feared U.S. Treasury.

As you the Reader must suspect or know by now, this epic leak has attracted all the wrong attention and interest of governmental revenue departments around the world. The U.S. Treasury has made their intentions very clear, where its citizens are found to have been a part of tax evasion, the financial penalties will be destructive on one’s financial security of lifelong wealth accumulations. Although the investigations from these leaked documents will begin quietly and without any fanfare, a simple one page letter from the Large Audit and International Division will be just the beginning of a long

FATCA Reporting Deadline June 30, 2015

Deadline Notice: The Foreign Account Tax Compliance Act (FATCA) filing deadline for the Report of Foreign Bank and Financial Accounts, known as the (FBAR) is still June 30, 2015, but now has expanded its application to individuals. However this time it is different! New individuals and entities now

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