As we are heading into the holidays and the New Year, I have received several questions from current clients, prospective clients and other practitioners regarding the disclosure period for Offshore Voluntary Disclosure Program and Streamline filing compliance procedure.
Below is a quick summary of the more common issues presented in formation and how Five Stone Tax Advisers can help you avoid unexpected or less than ideal outcomes.
Persons with undisclosed foreign accounts should be aware of the whistleblower program and corresponding awards. If a taxpayer worked with a facilitator or representative in a foreign jurisdiction, that individual may choose to open a whistleblower case if they know the facts and circumstances of another taxpayer’s case with regard to failure to report foreign financial accounts.
“As part of its agreement with DOJ, Bank Leumi must provide the names of more than 1,500 of its U.S. account holders.”
Today’s clients expect and deserve proactive, knowledgeable practitioners who understand not only the technicalities of accounting and law, but also the nuances of their individual clients’ businesses and sometimes personal finance situations.
In the upcoming filing season, the IRS will be managing more compliance items such as the ACA (affordable care act) and FATCA (foreign account tax compliance act) with a reduced budget and staffing.
The Annual Report discusses the ten most litigated tax issues and three case studies of which centers around the impact of audits on small businesses. Here are some facts to consider:
With over 145,000 registered international banks and foreign financial institutions, the IRS has officially opened their International Data Exchange Service (IDES).
Taxpayers need to develop a comprehensive approach to the 2014 filing season that includes the following:
More than 6 million Americans live abroad and have an annual tax filing obligation with the IRS for either the US Individual Income Tax Return 1040 or FinCEN form 114 Report of Foreign Bank and Financial Accounts (FBAR).