Recent letters received by some taxpayers from the IRS prove that miracles do happen. Right now, the IRS is sending letters inviting taxpayers to apply for the return of their legally obtained property that was seized ... Read More
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The 2016 OVDP: What Six Years of Regulations Mean for Those Who Have Not Declared Foreign Assets
What You Can Learn from Six OVDP “Seasons” Welcome to the sixth “season” of the Offshore Voluntary Disclosure Program (OVDP) for those who have not disclosed their foreign assets, a real-life procedural drama brought to you ... Read More
Don’t Ignore Your Bank’s “Know Your Customer” FATCA Letter
Do you have US citizenship and a non-US bank account? By now you might have received a FATCA letter from your foreign bank asking about your US tax filing status. Why does your British (or German, ... Read More
US Citizen with Foreign Life Insurance? Better Call Tax Ghostbusters
As a US tax lawyer, I see ghosts. Poltergeists, actually – the ghosts who cause real damage. The poltergeists are certain types of foreign financial assets which are perfectly normal outside the US. But they wander ... Read More
Six Guidelines to Writing an SDOP / SFOP Statement of Facts that Will Be Accepted by the IRS
Don’t Be Turned Down for Streamlined Procedures When Trying to Resolve FBAR Reporting Problems If you are thinking about enrolling in the Streamlined Domestic Offshore Procedures (SDOP) or Streamlined Foreign Offshore Procedures (SFOP) in order to ... Read More
Disclosure Under International Tax Agreements and Tax Treaties
What Does an International Tax Agreement Actually Mean? If you are a US citizen living or doing business in a foreign country, that country probably has at least one international tax agreement with the US. The ... Read More
Most Common Ways to Prevent an IRS Tax Audit
Best Ways to Avoid an IRS Audit We recently published a blog wherein we cleared up some commonly held misconceptions regarding IRS audits. Here we are going to lay out some general rules of thumb and ... Read More
Medical Marijuana Tax Crimes
For Marijuana Business Owners: Tips to Avoid Tax Evasion or other Financial Crimes The heavy tax burden on medical marijuana dispensaries is felt nationwide, and business owners legally distributing marijuana for medical or recreational use need ... Read More
Panama Papers: A Foreign Asset Disclosure Wakeup Call
The Panama Papers are a collection of documents that were leaked (which essentially means stolen) from Mossack Fonseca, a Panamanian law firm, in 2015 and hit the mainstream media in early 2016. The documents contained information ... Read More
Unpaid Taxes? Your U.S. Passport May Be at Risk
When it comes to tax law,there is more than one way to bake a cake. The area is complex, and there is always more than one way to look at any given situation or interpret a ... Read More
