Tag Archive for Manasa Nadig

Offshore Voluntary Disclosure Program: The Basics (2013)

Let us start with the fact that the 2009 Offshore Voluntary Disclosure Program and the 2011 Offshore Voluntary Disclosure Initiative had deadlines but the new Offshore Voluntary Disclosure Program (OVDP) does not. This new program will be available until further notice to taxpayers who wish to come forward and disclose their foreign bank assets.

What Does the OVDP do? This program seeks to bring taxpayers who had undisclosed foreign bank accounts or undisclosed foreign entities for the purpose of evading or avoiding tax into compliance with the laws of the United States.

This program is a counter-part of the Criminal Investigation’s Voluntary Disclosure Practice. It Read More

Written by | Posted in FATCA • OVDP

Don’t Look A Gift Horse In The Mouth: All About Gifts And Taxes

It’s the proverbial time of the year when there are a lot of gifts exchanged. Some are store bought, some gift cards & there are those who just get plain ol’ cash.

What constitutes a “gift” in the eyes of the IRS?

• You make a gift if you give property, including money, or the use of or income from property, without expecting anything of equal value in return.
• You also make a gift if you sell something at less than its full value
• There’s a gift made if you give an interest-free loan or reduced interest loan Read More
Written by | Posted in Gift Tax
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