On Thursday, February 11, 2016 we posted IRS “Dirty Dozen” Tax Scams for 2015 we discussed that the Internal Revenue Service wrapped up the 2015 “Dirty Dozen” list of tax scams today with a warning to taxpayers about aggressive telephone scams continuing coast-to-coast during the early weeks of this year’s filing season, where it stated that avoiding taxes by hiding money or assets in Read more
Tag Archive for IGAs
IRS Urges People to Take Advantage of Voluntary Disclosure Programs… You Think?
The IRS released IR-2015-116 on Oct. 16, 2015, to remind U.S. taxpayers with undisclosed offshore accounts, that with more than 54,000 taxpayers coming in to participate in offshore disclosure programs since 2009, they should strongly consider existing paths established to come into full compliance with their federal tax obligations.
Both the Offshore Voluntary Disclosure Program (OVDP) and the streamlined procedures enable taxpayers to correct prior omissions and meet their federal tax obligations while mitigating the potential penalties of continued non-compliance. There are also separate procedures for those who have paid their income taxes but omitted Read more
The Internal Revenue Service announced the exchange of financial account information with certain foreign tax administrations, meeting a key Sept. 30 milestone related to FATCA, the Foreign Account Tax Compliance Act.
To achieve this, the IRS successfully and timely developed the information system infrastructure, procedures, and data use and confidentiality safeguards to protect taxpayer data while facilitating reciprocal automatic exchange of tax information with certain foreign jurisdiction tax administrators as specified under the intergovernmental agreements (IGAs) implementing FATCA.
“Meeting the Sept. 30 deadline is a major milestone in IRS efforts to combat offshore Read more
IRS Intends To Amend Sections 1471-1474 Regulations to Extend the Time that FATCA Transitional Rules Will Apply
In Notice 2015-66 the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) announced that they intend to amend regulations under sections 1471-1474 to extend the time that certain FATCA transitional rules will apply. Specifically, the amendments will extend:
(1) the date for when withholding on gross proceeds and foreign passthru payments will begin;
(2) the use of limited branches and limited foreign financial institutions (limited FFIs); and
(3) the deadline for a sponsoring entity to register its sponsored entities and redocument such entities with withholding agents. Read more
Kentucky Senator and 2016 Republican Presidential hopeful Rand Paul recently announced that, in partnership with Republicans Overseas and five others, he would head to court to stop the vile Foreign Account Tax Compliance Act crackdown. At the risk of comparing the noted Republitarian/Libripublican figure with a certain single-cell cartoon villain, the effort may turn out like the video below.
The lawsuit, which was filed in an Ohio federal court, actually contains some pretty good arguments. In any other environment, this lawsuit might go somewhere. But they say that timing is everything, and the timing is just all wrong.
There’s this question that I always get from my clients: “Do I have to report my real estate holdings in a foreign country?” To which, my answer (in true accountant style) is always: “It depends”. Let me explain further.
You may be a first generation immigrant to the US and still have strong ties to your home country; by way of family elders who live there or a strong sense that you would like to some day retire back there, where you grew up. Or you are an adventurous investor who would like to invest in a little vacation home by the beach in the Caribbean. Or you were stationed abroad through your job and loved it so much that you invested in some property there. Then this blog is for you to read! Read more