Use of Shell Companies To Shield Identity Further Limited

By of MillarLaw A Professional Corporation On Monday, August 1, 2016

On July 27, 2016 the Financial Crimes Enforcement Network, (FinCEN) of the Department of the Treasury issued expanded Geographic Targeting Orders (GTO) that will: “temporarily require U.S. title insurance companies to identify the natural persons behind shell companies used to pay “all cash” for high-end residential real estate in six major metropolitan areas” The areas … Continue reading Use of Shell Companies To Shield Identity Further Limited

Ofshore Accounts Still Focus of IRS Enforcement

By Sanford Millar of MillarLaw A Professional Corporation On Sunday, October 18, 2015

The following Notice from the IRS reiterates the enforcement focus on offshore accounts.  Anyone with an unreported offshore account needs to consult counsel and discuss their compliance options under the “attorney-client” privilege. The IRS has left out of the Notice whether it will treate identified non-compliant taxpayers as “willful” for FBAR penalties and for civil … Continue reading Ofshore Accounts Still Focus of IRS Enforcement

It’s Here; The Automatic Exchange of Information Under FATCA Began September 30th

By Sanford Millar of MillarLaw A Professional Corporation On Sunday, October 4, 2015

It’s Here; The Automatic Exchange of Information Under FATCA Began September 30th The IRS has announced that as of September 30, 2015 it will implement the automatic exchange of tax information as set forth in the Foreign Account Tax Compliance Act, (FATCA). The IRS Commissioner in announcing the implementation of the automatic exchange of information … Continue reading It’s Here; The Automatic Exchange of Information Under FATCA Began September 30th

How Does the IRS Determine if Conduct is “Willful” or “Non-Willful”?

By Ani Galyan of MillarLaw A Professional Corporation On Monday, June 22, 2015

WILLFUL V. NON-WILLFUL CHECKLIST INTRODUCTION This Article is a guide for practitioners and taxpayers in deciding whether to apply for the streamline procedures of the IRS’s Offshore Voluntary Disclosure Program (“OVDP”). The streamline procedures require a certification of non-willfulness from the taxpayer. Non-willful conduct is defined as conduct that is due to negligence, inadvertence, or … Continue reading How Does the IRS Determine if Conduct is “Willful” or “Non-Willful”?

U.S. Department of Justice States its Tax Enforcement Priorities

By of MillarLaw A Professional Corporation On Monday, June 1, 2015

In her recent testimony before Congress Caroline Ciraolo Acting Assistant Attorney General stated the enforcement priorities for the Tax Division. Among the the four areas of focus is Offshore Tax Evasion. “combating the use of foreign bank accounts to evade U.S. taxes has been a longstanding enforcement priority for the Tax Division. Since 2009, when … Continue reading U.S. Department of Justice States its Tax Enforcement Priorities

Bad News About Unfiled FBARs, Another Indictment

By Sanford Millar of MillarLaw A Professional Corporation On Friday, April 24, 2015

A recent indictment by the United States Attorney’s office in California illustrates the inter-relationship between curency transfer restrictions, (such as those involving Iran), foreign financial account reporting (the FBAR requirement) and the failure to report taxable income (filing of a false tax return ). In United States of America vs. Ali Amin the government alleged … Continue reading Bad News About Unfiled FBARs, Another Indictment

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

Happy Holidays – There is a Budget Deal, Now Look Out

By of MillarLaw A Professional Corporation On Sunday, December 14, 2014

The just passed budget deal known as Consolidated and Further Continuing Appropriations Act, 2015 contains a reduction in funding for the IRS. The Bill provides a reduction in total IRS funding of $346 million less than last fiscal year. “Internal Revenue Service (IRS): Failing to collect what taxpayers owe leaves the federal budget short about … Continue reading Happy Holidays – There is a Budget Deal, Now Look Out

Informal surrender of Green Card doesn’t work

By of MillarLaw A Professional Corporation On Sunday, November 9, 2014

The recent decision of the U.S.Tax Court, in Gerd Topsnik, (2014) makes it clear that an “informal” surrender of a Green Card, while recognized under immigration laws is not recognized for tax purposes. As stated in Checkpoint, ” The Tax Court held that because the taxpayer did not formally abandon his lawful permanent resident “LPR” … Continue reading Informal surrender of Green Card doesn’t work