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A Quick Primer on Form 5471 and Some Hidden Pitfalls to Avoid
Listen Form 5471 is triggered in situations where a “U.S. Person” owns an interest in a “foreign” (non-U.S.) corporation. The specific reporting requirements for Form 5471 are found in Internal Revenue Code Sections 6038 and 6046. Broadly speaking, the purpose of Form 5471 is to identify “U.S. Persons” who: own at least 10% of a …
FATCA Back in the News
Listen That pestilent FATCA law is back in the news again. Back on July 9, 2018, the Treasury Inspector General for Tax Administration (TIGTA) issued a report (July TIGTA Report) highlighting the IRS’ shortcomings in enforcing FATCA. For those unfamiliar with FATCA, it stands for “Foreign Account Tax Compliance Act.” Sometimes referred to derisively by the …
Lessons Learned from Manafort Conviction that Every Taxpayer Should Know
Listen The conviction of former Trump campaign chairman Paul Manafort on eight counts of financial crimes marks the first trial victory of Special Counsel Robert Mueller’s probing investigation into President Trump’s associates. After four days of deliberating, the jury found Manafort guilty of five counts of filing false tax returns on tens of millions of …
Clock Ticking Down on the Offshore Voluntary Disclosure Program, Time Is Of The Essence
Listen Just when you thought it was safe to get back in the water, the IRS has issued a stern warning to taxpayers that unreported foreign accounts and income remain a top priority for enforcement. And your chance to seek shelter in the OVDP bunker before the IRS sniffs you down like a bloodhound is slowly fading. Since 2008, the …