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Category: Offshore Account Update

Top Things to Ask an OVDP Lawyer

Offshore Account Update

Posted on November 4, 2019

U.S. taxpayers holding previously undisclosed offshore accounts have had to deal with a recent change in the tax laws. The Offshore Voluntary Disclosure Program (OVDP) used to be the IRS program allowing offshore account holders to report previously undisclosed accounts, while reducing tax penalties and avoiding criminal exposure. When the IRS ended OVDP in September 2018, the new voluntary disclosure program now applied to these same taxpayers holding offshore accounts.Read More

OVDP and Voluntary Disclosures for Boston Residents

Offshore Account Update

Posted on September 30, 2019

For several years, Boston residents who failed to report their foreign financial assets to the Internal Revenue Service (IRS) were able to mitigate the consequences of their omission through the IRS’s Offshore Voluntary Disclosure Program (OVDP). However, the OVDP ended on September 28, 2018. While taxpayers still have options for voluntarily disclosing their offshore holdings, there are some important limitations. As a result, consulting one of the Boston IRS voluntary disclosure lawyers at Thorn Law Group is critical to avoiding substantial penalties.

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A Boston International Tax Attorney Explains U.S. Income Tax Liability for Workers Abroad

Offshore Account Update

Posted on July 31, 2019

In today’s global economy, it is common for U.S. citizens to work abroad. And if these non-residents want to maintain their American citizenship, they will need to deal with their U.S. tax liability. With the complexity of international tax law, workers abroad will need to understand their U.S. tax obligations and deal with any reporting requirements.

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How a Boston Tax Attorney Can Help You with Your Offshore Bank Account Reporting

Offshore Account Update

Posted on June 24, 2019

IRS REQUIREMENTS AND PENALTIES FOR DISCLOSING OFFSHORE BANK ACCOUNTS

What is an Offshore Account and How Do I Disclosure Mine?

 

Reporting an “offshore” bank account is imperative if a U.S. taxpayer has international assets.

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Taxation of American Expatriates Under FATCA

Offshore Account Update

Posted on May 6, 2019

In 2010, the Foreign Account Tax Compliance Act (FATCA) was passed by Congress and signed into law. The purpose of FATCA was to crack down on the use of offshore accounts to evade taxes. While FATCA has likely accomplished this goal, it has also made life much more difficult for American expatriates.

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