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Offshore Accounts

OVDP and offshore reporting

The OVDP and Offshore Reporting Requirements

It’s already understood that the failure to disclose foreign accounts can result in significant penalties. Yet while offshore enforcement concerning foreign accounts was significantly stepped up in 2009, many individuals failed to participate in the IRS Offshore Voluntary Disclosure Program (OVDP). In prior posts, we discussed the tools the IRS has at its disposal make …

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reporting offshore accounts

Reporting on Offshore Accounts

As we’ve indicated many times on this blog, there are significant disclosure requirements concerning offshore accounts and income. The Foreign Account Tax Compliance Act (FATCA) requires offshore financial institutions to either report accountholder information, or face significant penalties. What is important for Michigan residents with offshore accounts is to make certain they report this information as well. …

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transition tax on foreign earnings

Confusion Regarding Transition Tax on Foreign Earnings

Under 26 U.S. Code § 965, shareholders throughout the U.S. must pay a transition tax on foreign earnings from specific foreign corporations. The IRS deems this tax as a repatriation of the income. Lawmakers entitled 26 U.S. Code § 965 as: “Treatment of deferred foreign income upon transition to participation exemption system of taxation.” Unfortunately, the content …

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offshore reporting

Offshore Reporting Deadline Quickly Approaching

Tax attorneys understand how serious the penalties are concerning nondisclosure of offshore assets. For purported violations, the IRS may seize 50 percent of the account’s value, file possible criminal charges, and assess other penalties. The IRS is giving notice that taxpayers working outside of the country must file their federal income tax returns by June 15. This …

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offshore tax enforcement

Changes in Offshore Tax Enforcement May Be Coming Soon

On behalf of Silver Tax Group posted in Offshore Accounts on Wednesday, May 2, 2018. There have been voluntary disclosure programs in place to entice taxpayers to come clean about unreported foreign assets since 2009. These programs allow for promises of decreased penalties. They may also allow for avoidance of prosecution in return for participation. But due to decreased …

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a close to the OVDP and offshore reporting

OVDP Program Regarding Offshore Reporting to Close

On behalf of Silver Tax Group posted in Offshore Accounts on Thursday, March 22, 2018. The IRS plans on bringing to a close the Offshore Voluntary Disclosure Program (OVDP) put in place in 2014. The plan is to close this program by September 28. However, this announcement made by the IRS at least allows for Michigan taxpayers time to still take …

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The Impact of the Tax Cuts and Jobs Act

Offshore Income and the New Tax Act

On behalf of Silver Tax Group posted in Offshore Accounts on Tuesday, February 27, 2018. The Tax Cuts and Jobs Act will impact all taxpayers including those residing offshore. The act’s provisions include adjustments to corporate rates and exclusion rates. With changes to the tax code, authorities promise simplification. But that does not mean offshore residents will see tax …

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amnesty programs expanding

Voluntary Disclosure Programs and Offshore Assets

On behalf of Silver Tax Group posted in Offshore Accounts on Monday, February 5, 2018. The IRS may be expanding amnesty programs for taxpayers facing penalties due to reporting issues regarding their offshore accounts. This possibly is because the IRS views such programs as a success. The aim is to recover even more money owed. The aggressive efforts by …

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