FATCA

Window Closing On IRS Program To Lessen Penalties

Window Closing On IRS Program To Lessen Penalties

OVDP is more reasonable.  Eight years of back taxes with penalties and interest.  A reduced FBAR penalty - 27.5% of highest balance over eight years (50% if you used the wrong bank).  No criminal charge.  No prison time.  The window closes on OVDP on September 28th. 

IRS & FATCA Hunt Offshore Accounts

IRS & FATCA Hunt Offshore Accounts

Worldwide income means everything, including interest, foreign earnings, wages, dividends and other income. If your income is taxed somewhere else, you might be entitled to a foreign tax credit. If you are living and working abroad, you might be entitled to an exclusion from U.S. tax for some or all income earned abroad. But you still must report

IRS offers penalty, filing relief to many subject to new transition tax on foreign earnings

IRS offers penalty, filing relief to many subject to new transition tax on foreign earnings

The IRS explained the relief in three new FAQs, posted today on the agency’s tax reform page. These supplement 14 existing questions and answers that provide detailed guidance to taxpayers on reporting and paying the tax.

Facebook, Offshore Assets and the IRS

Facebook, Offshore Assets and the IRS

A California judge has dealt a blow to Facebook in its ongoing battle with the Internal Revenue Service (IRS), ruling that the social media giant does not have a right to move the matter to appeals. That means that Facebook's tax case - focusing on allegations that it failed to report and pay taxes on $7 billion in income overseas - will not be heard in front of the IRS Appeals board, but in the United States Tax Court.