Hello, and welcome to Sherayzen Law Office video Blog. My name is Eugene Sherayzen and I’m an international tax attorney and owner of Sherayzen Law Office, Ltd.
I’m continuing a series of blogs from Beverly Hills, California. Today, I’d like to discuss the FBARs that must be submitted as part of an SDOP disclosure. Now, this is actually pretty normal because the IRS Statute of Limitations is six years, so it is logical that the IRS would require you to submit correct FBARs for the period that encompasses the entire Statue of Limitations for the FBAR.
What is important to emphasize though, is when FBARs are submitted as part of the Streamlined Domestic Offshore Procedures, they have to expressly state so. In other words, FBARs must state, (there’s a special option ‘other’ which you can chose when you file the FBAR) in that section: “This FBAR is filed pursuant to Streamlined Domestic Offshore Procedures”. Again, to repeat myself, the explanation for each FBAR e-filed as part of the SDOP disclosure, must expressly state: “This FBAR is filed pursuant to Streamlined Domestic Offshore Procedures”.
Additionally, and this is completely voluntary, but I believe is useful, that it is a good idea to state the most important non-willfulness arguments in the same explanation, when you file your FBARs.
If you would like to learn more about the SDOP process, you can call me at (952) 500-8159 or you can email me at [email protected].
Hello, and welcome to Sherayzen Law Office video Blog. My name is Eugene Sherayzen and I’m an international tax attorney and owner of Sherayzen Law Office, Ltd.
You may know as part of the SDOP, that you have to submit amended tax returns for the past three years. The question is: why do you have to amend them? It may seem like an obvious question; but unfortunately, too often, people make mistakes.
Let’s list the three most important things that amended tax returns have to disclose. First of all, they have to disclose correctly, unreported foreign income. Second, they have to disclose unreported foreign assets, on the information returns obviously, such as form 8938, form 8621 and so on and so forth. Finally, the third thing, and a bit of a surprise for many people, the amended tax returns have to disclose US-source income; meaning, that they have to correct the original mistakes that were made by the accountants, tax software or by the taxpayers themselves, on the amended tax returns, as part the SDOP submission.
This is where a lot of people make mistakes, even accountants. Not only is it foreign income tax compliance that has to be reflected, but US tax compliance has to be reflected on the amended tax returns.
Hello, and welcome to Sherayzen Law Office video blog. My name is Eugene Sherayzen and I’m an international Tax Attorney and owner of Sherayzen Law Office, Ltd.
Today, I am actually in Beverly Hills, LA and one of the reasons I came here is that I wanted to do a blog about why LA is such a good source of clients for my business.
As paradoxical as that sounds, if you think about it, LA in general, and Beverly Hills, in particular, has a lot of people who come from all over the world. People who are Spaniards, Russians, Chinese, Americans from other states, Indians – all kinds of people who come to LA.
A lot of them, when they come to the United States, to LA in particular, have assets. Now, LA is an expensive city and Beverly Hills is especially expensive. So, that means that the people who come here with assets (these are not small assets) unfortunately, may not know that they have to disclose them and because they don’t know that they have to disclose them, the end result of this is that they never disclose them until something happens, by accident or intention, they find out that they have not been in compliance with US TaxReporting requirements for a long while, and then they have to do some type of voluntary disclosure and they come to me to do so. This is why LA is such a good source of clients for my business.
In the next videos, I will talk more about the offshore voluntary disclosures. Thank you for watching, until the next time.
http://sherayzenlaw.com/wp-content/uploads/2018/01/sherlawltd_logo.png00adminhttp://sherayzenlaw.com/wp-content/uploads/2018/01/sherlawltd_logo.pngadmin2021-06-30 17:04:332024-01-04 16:58:55International Tax Attorney Beverly Hills LA California | Introduction
| 
Streamlined Domestic Offshore Procedures FBARs | SDOP FBAR Tax Lawyer
/in International tax attorney & lawyer Video /by adminHello, and welcome to Sherayzen Law Office video Blog. My name is Eugene Sherayzen and I’m an international tax attorney and owner of Sherayzen Law Office, Ltd.
I’m continuing a series of blogs from Beverly Hills, California. Today, I’d like to discuss the FBARs that must be submitted as part of an SDOP disclosure. Now, this is actually pretty normal because the IRS Statute of Limitations is six years, so it is logical that the IRS would require you to submit correct FBARs for the period that encompasses the entire Statue of Limitations for the FBAR.
What is important to emphasize though, is when FBARs are submitted as part of the Streamlined Domestic Offshore Procedures, they have to expressly state so. In other words, FBARs must state, (there’s a special option ‘other’ which you can chose when you file the FBAR) in that section: “This FBAR is filed pursuant to Streamlined Domestic Offshore Procedures”. Again, to repeat myself, the explanation for each FBAR e-filed as part of the SDOP disclosure, must expressly state: “This FBAR is filed pursuant to Streamlined Domestic Offshore Procedures”.
Additionally, and this is completely voluntary, but I believe is useful, that it is a good idea to state the most important non-willfulness arguments in the same explanation, when you file your FBARs.
If you would like to learn more about the SDOP process, you can call me at (952) 500-8159 or you can email me at [email protected].
Thank you for watching, until the next time.
International Tax Attorney Beverly Hills LA California | SDOP – Amended Tax Returns
/in International tax attorney & lawyer Video /by adminHello, and welcome to Sherayzen Law Office video Blog. My name is Eugene Sherayzen and I’m an international tax attorney and owner of Sherayzen Law Office, Ltd.
Today, we are continuing our series of blogs from Beverly Hills and I would like to talk about Streamlined Domestic Offshore Procedures, in particular, I’d like to talk about the Amended Tax Returns that have to be filed as part of the SDOP process.
You may know as part of the SDOP, that you have to submit amended tax returns for the past three years. The question is: why do you have to amend them? It may seem like an obvious question; but unfortunately, too often, people make mistakes.
Let’s list the three most important things that amended tax returns have to disclose. First of all, they have to disclose correctly, unreported foreign income. Second, they have to disclose unreported foreign assets, on the information returns obviously, such as form 8938, form 8621 and so on and so forth. Finally, the third thing, and a bit of a surprise for many people, the amended tax returns have to disclose US-source income; meaning, that they have to correct the original mistakes that were made by the accountants, tax software or by the taxpayers themselves, on the amended tax returns, as part the SDOP submission.
This is where a lot of people make mistakes, even accountants. Not only is it foreign income tax compliance that has to be reflected, but US tax compliance has to be reflected on the amended tax returns.
If you would like to know more about the Streamlined Domestic Offshore Procedures, you can call me at (952) 500-8159 or you can email me at [email protected].
Thank you for watching, until the next time.
International Tax Attorney Beverly Hills LA California | Introduction
/in International tax attorney & lawyer Video /by adminHello, and welcome to Sherayzen Law Office video blog. My name is Eugene Sherayzen and I’m an international Tax Attorney and owner of Sherayzen Law Office, Ltd.
Today, I am actually in Beverly Hills, LA and one of the reasons I came here is that I wanted to do a blog about why LA is such a good source of clients for my business.
As paradoxical as that sounds, if you think about it, LA in general, and Beverly Hills, in particular, has a lot of people who come from all over the world. People who are Spaniards, Russians, Chinese, Americans from other states, Indians – all kinds of people who come to LA.
A lot of them, when they come to the United States, to LA in particular, have assets. Now, LA is an expensive city and Beverly Hills is especially expensive. So, that means that the people who come here with assets (these are not small assets) unfortunately, may not know that they have to disclose them and because they don’t know that they have to disclose them, the end result of this is that they never disclose them until something happens, by accident or intention, they find out that they have not been in compliance with US Tax Reporting requirements for a long while, and then they have to do some type of voluntary disclosure and they come to me to do so. This is why LA is such a good source of clients for my business.
In the next videos, I will talk more about the offshore voluntary disclosures. Thank you for watching, until the next time.