Tag: OVDP

Delinquent FBAR Reporting and How to Come Forward? Fact and Choice of Method Really Matter!!!

By Sanford Millar of MillarLaw A Professional Corporation On Monday, June 15, 2015

FBARS for 2014 are Due and MUST BE FILED by June 30, 2015 There are three approaches to coming forward and filing delinquent FBAR’s (Report of Foreign Financial Account). They are: 1. The Delinquent Filing Procedure 2. The Streamline Domestic Procedure and Streamline Non-resident Procedure 3. The Offshore Voluntary Disclosure Program The choice of which … Continue reading Delinquent FBAR Reporting and How to Come Forward? Fact and Choice of Method Really Matter!!!

Swiss Bank Settlements-What’s Next for U.S. Taxpayer’s?

By Sanford Millar of MillarLaw A Professional Corporation On Monday, April 20, 2015

The Department of Justice has released the signed Non-Prosecution Agreement NPA) with Swiss bank BSI SA. The Non-Prosecution Agreement is likely the precursor to enhanced enforcement efforts by the DOJ and IRS against those taxpayers who have not yet come forward and disclosed previously unreported offshore accounts. The DOJ has publicly stated that it will … Continue reading Swiss Bank Settlements-What’s Next for U.S. Taxpayer’s?

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

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?

Orwell’s 1984 30 Year Later

By of MillarLaw A Professional Corporation On Sunday, November 2, 2014

Welcome to 1984 30 years later! One of the most famous quotes from George Orwell’s 1984 is “Big Brother is Watching You.”. This quote is more true now than at any time in past. At the just concluded Global Forum on Tax Transparency convened by the OECD/G20 51 countries signed on to the automatic exchange … Continue reading Orwell’s 1984 30 Year Later