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Tag Archive for Tax Obligations

Offshore Compliance Programs Generate $8 Billion

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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

Learn The Real Facts: Unresolved US Tax Liabilities, Re-Entry To USA, Renewal Or Revocation of Your US Passport

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There is a lot of misinformation on the internet nowadays on this topic. While overseas Americans must be careful not to fall prey to, what I consider, unscrupulous advisors that liberally employ certain scare tactics, neither must such Americans be complacent with their tax situation. It is clear that the Internal Revenue Service and Congress have set their sights on United States persons living and working abroad because the potential for tax evasion is greater with offshore assets and accounts. Here’s the scoop about unresolved tax liabilities and what they can mean for the American living abroad.

Federal Tax Lien

Taxpayers living overseas are often misinformed or often conveniently forget about their US Read more

Taxpayer Advocate Service (TAS) – The Decline And Fall of A Once Great Department Inside The IRS

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Last week I read that the Taxpayer Advocate Service’s (TAS) case load has been growing substantially and this once great department inside the Internal Revenue Service does not have the resources to continue to handle its current inventory levels without adversely impacting its ability to provide effective service.

As a result, Internal Revenue Service memorandum TAS-13-0913-009 was produced to reissue guidance to TAS’s case-acceptance criteria for certain categories of Systemic Burden cases.

So I tried to get a case file opened yesterday and was basically told that unless you are unemployed and destined for homelessness as a result you will essentially NOT meet the Read more

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