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In a previous article, I discussed the recent IRS announcement with respect to the closure of the IRS Offshore Voluntary Disclosure Program (“OVDP”) on September 28, 2018. Today, I would like to predict the range of the 2018 post-OVDP options for offshore voluntary disclosures starting October of 2018. 2018 Post-OVDP Options: Streamlined Compliance Procedures As […]
On March 13, 2018, the IRS announced that it will be closing its flagship 2014 Offshore Voluntary Disclosure (“OVDP”) program on September 28, 2018. The closure of the IRS OVDP was already predicted by Sherayzen Law Office last year. Let’s analyze further this important development. Historical Overview of the IRS OVDP I already provided a […]
On March 7, 2018, the Internal Revenue Service announced that the IRS underpayment and overpayment interest rates have increased for the second quarter of 2018. The second quarter of 2018 begins on April 1, 2018 and ends on June 30, 2018. The second quarter of 2018 IRS interest rates will increase by one percent and […]
On February 19, 2018, the Israel Tax Authority (“ITA”) stated in a circular to tax professionals that cryptocurrencies, such as Bitcoin, are property under Israeli tax law. This view brings the Israeli tax law very much in line with the IRS position in the United States. Cryptocurrency is Property under Israeli Tax Law and Subject […]
On February 28, 2018, the IRS issued a request for comments from the general public with respect to the its OVDP Information Collection practices. Let’s explore this new development in more detail. OVDP Information Collection: Background Information on the OVDP The IRS Offshore Voluntary Disclosure Program (“OVDP” now closed) remains today the primary voluntary disclosure […]