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Category: Offshore Account Update

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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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.

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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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