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On January 30, 2013, the Internal Revenue Service opened the 2013 filing season by announcing a variety of enhanced products and services to help taxpayers prepare and file their tax returns by the April 15 deadline. The IRS began accepting and processing most individual tax returns on January 30, 2013, after updating forms and completing […]
Family partnerships can offer an advantageous method for splitting business income between family members who may be taxed at lower income rate brackets. This can result in substantial tax savings. However, because of the potential for widespread abuse of this device by shifting income to close relatives who may perform little or no actual work […]
2012 OVDP (Offshore Voluntary Disclosure Program) (now closed) may present a great opportunity for certain U.S. taxpayers to deal with their current as well prior non-compliance with U.S. tax laws. However, 2012 OVDP is not for everyone; while for certain categories of taxpayers it is the best option, other taxpayers may have additional choices that […]
One of the most important tax compliance forms for businesses and individuals is the Report of Foreign Bank and Financial Accounts (the “FBAR”), FinCEN Form 114 Formerly TD F 90-22.1. Pursuant to the Bank Secrecy Act, 31 U.S.C. §5311 et seq., the Department of Treasury (the “DOT”) has established certain recordkeeping and filing requirements for […]
Failure to conduct voluntary disclosure may mean heavy penalties for U.S. taxpayers are not in compliance with international tax laws established by U.S. government. In this article, I summarize some of the key penalties that such non-compliant U.S. taxpayers may face once the IRS finds them. Penalties in General In general, if the IRS verifies […]