Entries by Tax Attorney

How The IRS Is Matching Big Data To Your Tax Return And Selecting You For Audit.

September 8, 2014 in /by

According to IRS estimates, in a calendar year employers, businesses, financial institutions, credit card companies and other third party payers will file 2.3 billion information statements. These information statements report income and financial transactions, and can help individuals and businesses prepare accurate tax returns. Using information-matching programs, the IRS compares third-party information statements with taxpayer […]

Time Is Ticking – After August 3, 2014 OVDP Penalty Set To Increase To 50% For Certain U.S. Taxpayers.

July 31, 2014 in , /by

IRS Sends Signal Out That It Is Ready To Enforce The Tax Disclosure Laws For Foreign Accounts And Foreign Income Of U.S. Taxpayers With Swiss Bank Accounts. If you have non-declared bank accounts with Swiss banks, or if you acted as signatory on such accounts, you should start to qualify for the 2014 Offshore Voluntary […]

Have An Undisclosed Foreign Bank Account? You May Owe The IRS $10,000!

July 30, 2014 in , /by

Do you have any money or assets outside the U.S.? Seems like a pretty straightforward question, doesn’t it? Well, a lot of people are surprised to learn that they do have offshore funds. And if they don’t file a certain form with the U.S. Treasury Department by June 30, the minimum late fee is $10,000. […]

IRS Offshore Tax Crackdown Opens With 30% Penalties for Banks

July 18, 2014 in , /by

The year is 2014 and we are into a new era of transparency where the IRS is getting information on U.S. taxpayers from foreign banks and the IRS is taking action by examining and investigating taxpayers who are not reporting their worldwide income nor disclosing their foreign accounts. Many people thought that forever they can […]

IRS To Waive Penalties For Some Overseas Accounts

July 18, 2014 in , /by

The Internal Revenue Service is offering to waive steep penalties for Americans living abroad who haven’t been paying their U.S. taxes.  But there is a catch: You have to be able to show that you didn’t evade U.S. taxes on purpose. American citizens living abroad are required to file U.S. tax returns, even if they […]

Are YOU A U.S. Person With A Swiss Bank Account?

July 11, 2014 in , /by

IRS Sends Signal Out That It Is Ready To Enforce The Tax Disclosure Laws For Foreign Accounts And Foreign Income Of U.S. Taxpayers With Swiss Bank Accounts. If you have non-declared bank accounts with Swiss banks, or if you acted as signatory on such accounts, you should start to qualify for the 2014 Offshore Voluntary […]