Search Results for: offshore bank accounts
NJCPA Seminar: “A New Foreign Frontier: Foreign Income & Asset Reporting Update ”
…” on November 23, 2024. Seminar Summary: The IRS is aggressively targeting taxpayers with unreported foreign accounts and income. Tax professionals must identify the pitfalls of the new world of…
Live Webinar on U.S.-India Tax Planning: Key Issues, Tax Treaties: Limited Free Registrations Available
…accounts must be identified and included on the individual tax return. In addition, practitioners must understand the tax treatment of investment accounts unique to India when preparing these returns for clients. The…
IRS Changes Rules (Again) for Forms 1099-K Issuance from Venmo, Paypal, etc.
…transactions reported. To prepare: Track Transactions: Use separate accounts for personal and business transactions to avoid mixing non-taxable payments with taxable income. Consider separate accounts. Understand Reporting Requirements: Educate yourself…
Middlesex County Man Admits Structuring over $250,000 in Deposits to Evade Reporting Requirements
…federal regulations requiring banks to report transactions exceeding $10,000. Structuring, often referred to as “smurfing,” involves breaking down large sums of cash into smaller deposits to avoid detection. On one…
New IRS Website for New Immigrants to the United States: Key Tax Responsibilities
…(FBAR) If you have foreign bank accounts with an aggregate balance exceeding $10,000 at any point during the year, you are required to file the Report of Foreign Bank and…
IRS Quietly Changes its Voluntary Disclosure Practice For the Worse
…to: Delinquent or amended tax returns for the last six years. Full payment of tax, interest, and penalties. Supporting documents such as bank statements, accountant work papers, and statute consents….
Check cashing N.J. construction company owner pleads guilty to tax evasion
…evaded taxes and filed false returns when he deposited only a portion of customers’ payments into a business bank account, then converted the rest of the payments to cash and…
IRS Criminal Investigations: A Serious Threat With Warning Signs
…criminal prosecution. Bank Records Requested by CID or U.S. Attorney’s Office: Notification from your bank that the CID (through a summons) or the U.S. Attorney’s Office (through a grand jury…
IRS International Fines Not Excessive: Form 3520 Penalties Upheld, Form 5471 Penalties Again Unassessable
…taxpayer who faced both criminal charges and significant civil penalties stemming from the failure to disclose foreign accounts and entities. The taxpayer challenged these penalties on multiple grounds, including alleged…
IRS Enforcement Campaign Targets High-Income Non-Filers
…garnishment, bank levies, or federal tax liens. Willful non-filing carries the potential for criminal prosecution. Strategic Implications This campaign signals a shift in IRS priorities, highlighting its ability to pursue…
Understanding the IRS Emphasis on BSA Filings in Tax Crime Investigations
The Internal Revenue Service (IRS) places significant emphasis on the role of Bank Secrecy Act (BSA) filings in supporting the work of its Criminal Investigations (CI) division. Their recent report…
National Taxpayer Advocate calls IRS Penalties Draconian and Inefficient
…the burden to establish willfulness by clear and convincing evidence before asserting a civil willful Report of Foreign Bank and Financial Accounts (FBAR) penalty and that the government cannot meet…