eBook | Foreign Asset Reporting: Navigating the Choppy Financial Seas.

T-Minus Two Days And Counting

Taxpayers who are considering applying to the OVDP should be mindful of a certain upcoming deadline: August 3, 2014. Willful non-disclosers who do not apply to the OVDP by August 3, 2014 and who have an offshore bank account with a foreign financial institution which has been publicly identified as being under investigation, or is […]

Are the Streamlined Procedures My Best Option?

The IRS recently overhauled its offshore voluntary disclosure program, making changes to the 2012 Offshore Voluntary Disclosure Program (OVDP) and expanding the 2012 Streamlined Filing Compliance Procedures. This blog focuses on the changes made to the streamlined filing compliance procedures and some of the factors that should be considered when evaluating your options. Now more than […]

HSBC India Client Convicted of Hiding Offshore Accounts From IRS

Ashvin Desai, an offshore account taxpayer, was previously convicted for concealing more than $ 8 million in foreign bank accounts. Last week, he was sentenced by U.S. District Judge Edward J. Davila to six months in prison and six months and one day of home confinement. Desai was a medical device manufacturer who failed to […]

The Modified OVDP And Streamlined Procedures: A Library of Links to IRS Documents & Forms

The IRS recently made changes to the 2012 Offshore Voluntary Disclosure Program (OVDP) and expanded the 2012 Streamlined Filing Compliance Procedures. The changes are as follows: (1) OVDP • Taxpayers must submit all account statements and pay the offshore penalty at the time application to OVDP is made. • The offshore penalty will increase from 27.5% […]

The Lighter Side of Tax (Part II)

These “tax jokes” are the creative genius of The Unknown Tax Comic, who writes exclusively for TaxConnections. For more hilarious tax jokes, check out the Unknown Tax Comic’s blog at TaxConnections. ♦ Did you ever notice that when you put the words “The” and IRS” together, it spells “THEIRS” – Unknown ♦ A tax accountant […]