Month: January 2015
London Mayor Agrees to Pay IRS
By of MillarLaw A Professional Corporation On Sunday, January 25, 2015
According to Tax Notes Today (January 23, 2015) Boris Johnson the Mayor of London has settled tax claims of the IRS. The claim arose because Johnson who holds U.S and U.K. citizenship sold his residence at a gain and failed to report the gain for U.S. income tax purposes. Johnson, who apparently travels to the … Continue reading London Mayor Agrees to Pay IRS
Should You Consider Making a Domestic Voluntary Disclosure?
By of MillarLaw A Professional Corporation On Sunday, January 18, 2015
Voluntary Disclosures take two forms, Offshore and Domestic. There has been a great deal of attention paid to Offshore Voluntary Disclosure Programs, but little attention has been paid to the Domestic program. The Internal Revenue Manual provides U.S. taxpayers with the opportunity to come forward and possibly avoid prosecution if the following criteria are met: … Continue reading Should You Consider Making a Domestic Voluntary Disclosure?
When do non-U.S. citizens pay income tax and report foreign financial accounts?
By of MillarLaw A Professional Corporation On Sunday, January 11, 2015
In a series of Frequently Asked Questions releases December 31, 2014, The Congressional Research Service provides some guidance on when non-U.S. citizens may be subject to U.S. income taxes. The report states as follows: “Non-citizens who may be subject to U.S. income taxes include legal permanent residents who are authorized to live and work in … Continue reading When do non-U.S. citizens pay income tax and report foreign financial accounts?
The death of hidden offshore accounts
By of MillarLaw A Professional Corporation On Sunday, January 4, 2015
The future for offshore tax planning, also known as “aggressive tax planning” is likely to be limited to if not curtailed by the global exchange of information agreement signed in October, 2014 by 51 countries and growing. The link below is to a video summary of the predicted consequences of the new agreement. http://www.dw.de/interview-with-achim-pross-of-the-oecd/av-18029709 What … Continue reading The death of hidden offshore accounts
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