IRS reminds those with foreign assets about U.S. tax obligations
The IRS again reminded taxpayers yesterday about their reporting obligations for foreign assets and income. The reminder again represents the IRS’ targeted enforcement of tax laws for reporting obligations for foreign assets and income. Taxpayers should take notice and become compliant. The
Run to the Door: IRS Terminates Offshore Voluntary Disclosure Program (OVDP) effective September 28, 2018
IRS Issue Number: IR-2018-52 IRS to end offshore voluntary disclosure program; Taxpayers with undisclosed foreign assets urged to come forward now WASHINGTON – The Internal Revenue Service today announced it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program
FBAR statute of limitations court case ruling
In its first decision of 2018, the US Tax Court considered whether the six-year statute of limitations in Code Section 6501(e)(1)(A)(ii) applied to a taxpayer who failed to file Foreign Bank Account Reporting, or FBAR forms from 2006 through 2008.
The 65-Day Rule: What Every Trustee Should Know about Taxes
Happy New Year! With the close of the calendar year behind us, tax season is just beginning for individuals and many entities. If you are serving as the trustee of a complex trust, however, it’s not too late to take
Some FBAR Deadlines Extended
Last week the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) again extended the deadline for certain financial professionals to file foreign bank accounting reporting forms known as FBARs. In FinCEN Notice 2017-1, FinCEN announced a further extension of time for certain
IRS Advisory: Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017
The Internal Revenue Service advised tax professionals today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. The new tax law signed last week in Washington prohibited the deduction of prepaid
New 2018 Tax Law’s Business Tax Changes
President Donald Trump signed the new 2018 tax law “Tax Cuts & Jobs Act” (TCJA) last week. The new TCJA law is a sweeping overhaul of the tax code. Generally, the provisions in the TCJA take effect on January 1,
New 2018 Tax Law’s Individual Tax Changes: New Tax Brackets, Credits and Deductions
President Donald Trump signed the new 2018 tax law “Tax Cuts & Jobs Act” (TCJA) last week. The new TCJA law is a sweeping overhaul of the tax code. Generally, the provisions in the TCJA take effect on January 1,
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Recent Posts
- New IRS Voluntary Disclosure in 7 Steps December 10, 2018
- IRS Updated Voluntary Disclosure Practice is a Game-Changer December 4, 2018
- New Post-OVDP IRS Voluntary Disclosure Procedures Announced December 3, 2018
- New Jersey Tax Amnesty program November 15, 2018
- The IRS can revoke your passport September 6, 2018
- New Jersey Enacts Tax Amnesty Bill July 3, 2018
- The TCJA and the Future of American Taxpayers June 19, 2018
- Federal District Court Holds that FBAR Penalties in Excess of $100,000 is Unlawful June 4, 2018
- 2018 ABA COMMENTS ON THE OFFSHORE VOLUNTARY DISCLOSURE PROGRAM AND THE STREAMLINED PROGRAMS May 18, 2018
- New FBAR Court Case Makes it Easier for Taxpayers to be Deemed Willful April 21, 2018
- IRS reminds those with foreign assets about U.S. tax obligations April 10, 2018
- Denied access to or withdrew from the IRS Offshore Voluntary Disclosure Program (OVDP)? March 26, 2018