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April 9, 2015

The White Knight Chronicles

OVDP And Double Counting: Oh The Agony!

What is this phenomenon known as double counting? Why is it important? If you are shepherding clients through the OVDP program, or you are going through the program yourself, it is critical that you understand what it means and the governing principles behind it. Otherwise, you could be paying an offshore penalty that is exponentially higher than what it ought to be.

This article will explain the principles behind double counting and what type of supporting evidence the taxpayer must produce in order to prove double counting to the satisfaction of the IRS. As is my ordinary practice, I will make use of a hypothetical.

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Who We Are

DeBlis Law is a boutique litigation firm with a single mission: to provide outstanding legal services to individuals involved in crisis situations. Our firm specializes in civil tax controversies and in all aspects of criminal defense, including white-collar criminal defense and criminal tax defense.

We provide practical and sound advice to assist taxpayers with offshore financial assets come into compliance with their U.S. tax obligations.

Introducing The Webinar Series on “Government Information Gathering”

This is a six-part webinar series on “Government Information Gathering.” The six modules are as follows:

Module I: IRS Summons Power

Module II: Defenses and Privileges: The Fifth Amendment Privilege & Testimony

Module III: Defenses and Privileges: The Fifth Amendment Privilege & Document Production/Immunity

Module IV: Defenses and Privileges: Attorney client Privilege, Work Product Privilege, and

Kovel Agreements

Module V: International Evidence Gathering: Part I

Module VI: International Evidence Gathering: Part II

Module one is available for viewing below.

Government Information Gathering: Part I: IRS Summons Power

How Do Taxes Influence Behavior?

Legislators have three needs in mind as they prepare tax laws- -the need to raise revenue, the need to be fair to taxpayers, and the need to influence taxpayers’ behavior. Below are three excise taxes that have affected the economy and consumers’ behaviors. All are direct taxes.

A sin tax is used to discourage the use of products and services that could pose a risk to someone’s health, such as alcohol and cigarettes. Puritan colonists used the earliest sin taxes in this country.

The gasoline excise tax is a user tax on gasoline purchases. People who use gasoline pay taxes on it. These revenues maintain and build roads and highways and regulate underground pollution related to gas storage. Urban area mass transportation is developed and maintained by gas tax revenue.

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DeBlis Law

1012 Broad Street

Bloomfield, NJ 07003

973-783-7000 (office)

973-337-9473 (cell)

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Michael DeBlis III, Esq., LL.M.

“Simplifying complex tax concepts so that you can sleep a little bit easier.”

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IN THIS ISSUE:

OVDP And Double Counting: Oh The Agony!

Who We Are

Introducing The Webinar Series on “Government Information Gathering”

How Do Taxes Influence Behavior?

Beware of The Consequences of Avoiding U.S. And Foreign Taxes

Beyond the FBAR – Everything You Never Wanted to Know About All of the Other International Reporting Forms (But Must)

Join My Communities On TaxConnections

Click here to download my White Papers on three of the hottest topics in international taxation.

Instructional Videos

1. What Can a Tax Attorney Do For Me?

2. When Is It Time to Hire a Tax Attorney?

3. Why Do You Need an Attorney With a Solid Background in Tax to Defend Your Tax Case?

4. How Does a Criminal Court Proceeding Work?

5. What Qualities Should a Client Look For In a Criminal Tax Attorney?

6. What Can a Client Expect From DeBlis Law?

The Unknown Tax Comic (only on TaxConnections)

♦ April is always a difficult month for Americans – even if your ship comes in, the IRS is right there to help you unload it.

♦ “I’m not going to pay taxes. When they say I’m going to prison, I’ll say no, prisons cost taxpayers a lot of money. You keep what it would have cost to incarcerate me, and we’ll call it even.” – Jimmy Kimmel

♦ The only thing about taxes that all Americans can agree on is that someone else should pay them. – Scott Burns, msn.com

“Foreign Asset Reporting: Navigating The Choppy Financial Seas”

Be one of the first to get a copy of my new ebook.

“Click here.“

Beware of the Consequences of Avoiding U.S. and Foreign Taxes

The catch phrase in the movie Jerry McGuire was “Show Me the Money!”

It now looks like prosecutors are adopting the same mantra and are enjoying success in courts indicting those that attempt to hide money and avoid paying taxes either in the U.S. or abroad.

In the past, it was a given that an individual or organization that stayed within the parameters of its country’s tax laws wouldn’t be prosecuted by another country. For example, an ex-pat whose business was abiding by all the laws in France wouldn’t get any flak from the IRS or the U.S. Department of Justice for violations of U.S. laws.

Think of this as “What Happens in Vegas, Stays in Vegas.”

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Beyond the FBAR – Everything You Never Wanted to Know About All of the Other International Reporting Forms (But Must)

With all of the focus on FBARs and Form 8938s these days, it’s sometimes easy to forget about the other IRS international reporting forms. Below is a list of other important international reporting forms that relate to foreign asset reporting along with their penalties.

(1) Form 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts: Under IRC § 6048, taxpayers must report various transactions involving foreign trusts, including creation of a foreign trust by a United States person, transfers of property from a United States person to a foreign trust, and receipt of distributions from foreign trusts. This return also reports the receipt of gifts from foreign entities under IRC § 6039F. The penalty for failing to file each one of these information returns, or for filing an incomplete return, is the greater of $10,000 or 35 percent of the gross reportable amount. However, for returns reporting gifts, the penalty is five percent of the gift per month, up to a maximum penalty of 25 percent of the gift.

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Join My Communities on TaxConnections!

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