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Offshore Account Statistics: There’s Nowhere to Run
If you have moved your accounts from Switzerland to another country because of an impending investigation, or you’re considering doing so, think twice about it.
Swiss Bank Mitigation of Penalty Deadline Approaches September 15, 2014
The Department of Justice Tax Division released commentary and guidance in regards to the Program for Non-Prosecution Agreements (NPA) or Non-Target Letters (NTL) for Swiss Banks.
The commentary reiterated several deadlines and points that are worth mentioning.
OVDP in Israel: IRS Crackdown Ahead; Banks Start Compliance Process
The Tax Division of the Department of Justice has open investigations into numerous offshore banks located in Switzerland. These investigations are part of the Program for Swiss Banks (PFSB) as detailed in a joint statement press release by the United States and Switzerland.
American Taxpayers in Israel the next FATCA Target
It is estimated that hundreds of thousands of American citizens and holders of permanent residency status in the United States live in Israel. While U.S. citizens are required to file reports with the Internal Revenue Service about their incomes and holdings in foreign banks even if they live abroad, it is thought that large numbers of people who have dual American-Israeli citizenship and live in Israel have failed to do so.
Dual-Citizens and the New Streamlined Filing Options
Per the Intergovernmental Agreement (IGA) between Canada and the United States, on July 1st, 2014, information sharing between both countries will commence.
FedEx Worker Classification Case Sets Precedence
All fifty states have worker classification laws. Most states (like the IRS) will fall back on the common law standards that revolve around behavioral and financial control, in addition to the type of defined relationship at the onset of employment and throughout the employment term.
Certification of Non-Willfulness for Streamlined Filing
The eligibility requirements for expanded Streamline Filing were published on June 18th, 2014. There are two ways for a taxpayer to engage in Streamline Filing.
10 Swiss Banks Withdraw from IRS Offshore Program
Ten Swiss banks have requested to be removed from consideration for non-prosecution agreements offered by the Department of Justice.
OVDP Processes Explained
If you have undisclosed accounts, this filing process becomes even more complicated. Thankfully the IRS has programs, including Offshore Voluntary Disclosure Program (OVDP) to help reach compliance.