Foreign Bank Account Reports Due June 30

By Sanford Millar of MillarLaw A Professional Corporation On Sunday, May 22, 2016

U.S. Taxpayers who directly or indirectly controlled foreign financial accounts in 2015 are reminded that the deadline to file a Report of Foreign Financial Account (FBAR) FinCEN Form 114 is June 30. Taxpayers with unfiled FBARs for prior years should be aware of that the information exchange agreements under the Foreign Account Tax Compliance Act … Continue reading Foreign Bank Account Reports Due June 30

You Skipped OVDP, now the IRS has initiated an Audit

By Ani Galyan of MillarLaw A Professional Corporation On Sunday, May 15, 2016

Since 2009, the Offshore Voluntary Disclosure Program (OVDP) has been available to Taxpayers who have foreign assets, foreign financial accounts, and foreign source income unreported for U.S. Income Tax and Bank Secrecy Act purposes. In addition, in June of 2014 the IRS announced the Streamlined Procedures to further encourage Taxpayers to come forward and remedy … Continue reading You Skipped OVDP, now the IRS has initiated an Audit

Panama Papers To Be Released May 9, 2016. Why Does It Matter?

By Sanford Millar of MillarLaw A Professional Corporation On Sunday, May 1, 2016

Panama Papers To Be Released May 9, 2016. Why Does It Matter? The International Consortium of Investigative Journalists (ICIJ) will release perhaps the largest database of private offshore companies and their ultimate owner ever made public. According to the ICIJ “The data comes from the Panamanian law firm Mossack Fonseca, one of the top players … Continue reading Panama Papers To Be Released May 9, 2016. Why Does It Matter?