Tag: OVDP
Streamline Procedure Risks: Are you really Non-willful?
By Sanford Millar of MillarLaw A Professional Corporation On Sunday, July 10, 2016
According to reports in Tax Analysts there have been 54, 000 Offshore Voluntary Disclosure (OVDP) participants 30,000 Streamline Procedure filings. The Streamline Procedure filings are now the subject of intense Department of Justice (DOJ) and IRS review. The DOJ and IRS ar looking for taxpayers who made improper use of the Streamline Procedures. There are … Continue reading Streamline Procedure Risks: Are you really Non-willful?
What are the Tax Consequences of BREXIT for U.S. Taxpayers?
By Sanford Millar of MillarLaw A Professional Corporation On Monday, July 4, 2016
Recently, The Harvard Law School Forum on Croporate Governance and Finance published a note titled “The Legal Consequence of Brexit, authored by Simon Witty. We have restated the transactional tax commentary here. We have added our thoughts on the tax reporting, “information exchange agreements” and federal tax reporting requirements under the heading Compliance. “Tax The … Continue reading What are the Tax Consequences of BREXIT for U.S. Taxpayers?
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
Is Mental Impairment a Basis to Claim “Non-willful” Behaivor?
By Sanford Millar of MillarLaw A Professional Corporation On Monday, February 22, 2016
The Tax Crimes Handbook of the Office of Chief Counsel, Criminal Tax Division of the Internal Revenue Service defines “Willfulness ” as follows: “[a] Willfulness is defined as the “voluntary, intentional violation of a known legal duty.” Cheek v. United States, 498 U.S. 192, 200-01 (1991); United States v. Pomponio, 429 U.S. 10, 12 (1976); … Continue reading Is Mental Impairment a Basis to Claim “Non-willful” Behaivor?
IRS 80- Swiss Banks 0
By Sanford Millar of MillarLaw A Professional Corporation On Monday, February 1, 2016
The formal IRS/Department of Justice (DOJ) Swiss Bank Program has concluded with 80 Swiss banks coming forward. The banks agreed to provide information about personnel, depositors and advisors who were participated in or assisted U.S. taxpayers in offshore tax evasion. In addition to disclosure and cooperation with investigations each of the banks paid substantial penalties. … Continue reading IRS 80- Swiss Banks 0
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
Can Spys and Criminals Make Voluntary Disclosures?
By Sanford Millar of MillarLaw A Professional Corporation On Monday, August 10, 2015
A recent article about convicted spy Jonathan Pollard speculated about the effects on his parole if he had an unreported foreign financial account. The simple truth is that Mr. Pollard would be ineligible for the Offshore Voluntary Disclosure Program (OVDP) if he held direct or beneficial ownership in a foreign financial account(s) which had $10,000 … Continue reading Can Spys and Criminals Make Voluntary Disclosures?
IRS-State Information Sharing Agreements
By Sanford Millar of MillarLaw A Professional Corporation On Sunday, August 2, 2015
The IRS published a list of Information Exchange agreements it has with state agencies, a copy of which is available here IRS State Information Exchange Table.pdf The disclosure of this list may help taxpayer’s and practitioner’s determine when and possibly whether to file late or amended state or municipal returns. Example 1: Assume a taxpayer … Continue reading IRS-State Information Sharing Agreements
State Offshore Voluntary Disclosure Laws Surveyed
By Sanford Millar of MillarLaw A Professional Corporation On Sunday, July 19, 2015
The IRS and the states have mutual exchange of information agreements. The agreements are oftern bi-directional, so that state information about audit results, often including sasles tax audits, is provided to the IRS jsut as IRS audit reuslt are provided to the states. We recently surveyed the states to determine how which states have the … Continue reading State Offshore Voluntary Disclosure Laws Surveyed
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