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Category: Hot Topics

IRS Commissioner: Cryptocurrency Holders Should Take Warning Letters “Very Seriously”

Hot Topics

Posted on August 16, 2019

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Two IRS Groups to Assist Criminal Investigators in Case Selection

Hot Topics

Posted on May 31, 2018

The Internal Revenue Service has been focusing in recent years on cracking down on taxpayers who hide assets offshore in order to avoid paying taxes. There have been numerous programs undertaken, including the Offshore Voluntary Disclosure Program and the Swiss Bank Program, to attempt to identify U.S. affiliated taxpayers with funds kept in foreign financial institutions.

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Understanding the Paradise Papers

Hot Topics, Offshore Account Update

Posted on November 29, 2017

A Boston international tax attorney can provide assistance to any individual or company with investments offshore who is concerned about the possibility that noncompliance with tax laws could be made public.  While there are many legitimate reasons for investing offshore, offshore accounts are inherently treated with suspicion — and if undeclared offshore accounts come to the attention of the IRS, the consequences could include financial penalties and even criminal prosecution if it is determined the accountholder failed to follow the rules.

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OVDP Streamlined Submissions

Hot Topics

Posted on September 19, 2017

If you have money in offshore bank accounts or you have signature authority over offshore accounts, you're required to report those accounts to U.S. tax authorities. In addition to declaring accounts to the IRS, you also must comply with a requirement to file a Report of Foreign Bank and Financial Account (FBAR) with the Financial Crimes Enforcement Network (FinCEN) if the aggregate balance of your combined offshore accounts hits $10,000 at any point during the year. Many offshore account holders don't realize they have all these obligations, and thus, inadvertently fail to comply with them.

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Bitcoin Customer Info Sought Via John Doe Summons

Hot Topics, Offshore Account Update

Posted on December 16, 2016

The IRS has been aggressive in trying to identify hidden funds and collect back taxes. In response to intense offshore investigations which adversely impacted accountholder privacy, many individuals began trading in virtual currencies instead of investing funds offshore.  Now, however, the IRS is aggressively investigating currency trading platforms and is pursuing legal means to obtain information on accountholders.

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