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News

Archive by Month: January 2020

Tips and Tricks to U.S. Income Tax Liability for Workers Abroad

Articles/News

Posted on January 31, 2020

As the only country in the world requiring U.S. citizens and green card holders to file domestic taxes even when working abroad, you may be surprised to find that any foreign income earned is still subject to U.S. tax requirements. Failure to adequately file your U.S. taxes can result in heavy fines and penalties.

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IRS Announces “Unprecedented” Effort to Crack Down on Offshore Tax Evasion

Hot Topics, Offshore Account Update

Posted on January 28, 2020

On January 23, 2020, the Internal Revenue Service (IRS) announced the first major crackdown conducted by the Joint Chiefs of Global Tax Enforcement. In doing so, it sent a stern warning to U.S. taxpayers who have offshore accounts, and it signaled that taxpayers who fail to comply with the IRS voluntary disclosure requirements may be at risk in similar coordinated international law enforcement efforts in the coming years.

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