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The IRS Form 14653, Certification by U.S. Person Residing Outside of the United States for Streamlined Foreign Offshore Procedures; and Form 14654, Certification by U.S. Person Residing in the United States for Streamlined Domestic Offshore Procedures are both part of the two Streamlined Filing Programs. These include ‘Streamlined Domestic Offshore Filing Compliance Procedure’ (Domestic Program)...
U.S. citizens and green-card holders (U.S. Person) are subject to taxes on their worldwide income. Along with this, they also need to comply with certain additional filing requirements to report their foreign accounts, foreign assets and foreign incomes. This reporting is required regardless of whether the U.S. person is living in the United States or...
Here at AGTax LLP we receive numerous calls on a daily basis regarding the Foreign Bank Account reporting form (FBAR), also known as the FinCEN Form 114. Due to recent changes in the acceptable filing methods for the FBAR, we thought it would be a good time to go over those changes in detail, as...
The 2011 OVDI announced by the IRS is intended to bring non-compliant US taxpayers into compliance with U.S. tax laws and regulations on the understanding that once in compliance the tax payer will continue to comply with U.S. tax requirements in future years. This may be a non-compliant taxpayer’s last best chance to come forward...
United States Department of Justice: Offshore Compliance Initiative News August 3 2011 UBS Client Pleads Guilty to Filing False Tax Return August 2 2011 Former UBS Banker Charged with Helping U.S. Taxpayers Use Secret Swiss Bank Accounts to Evade U.S. Taxes July 21, 2011 Swiss International Bank’s Former Head of North America Offshore Banking, Others...
The 2011 Overseas Voluntary Disclosure Initiative expires on August 31, so there is now less than three weeks left for non-compliant US taxpayers to come forward and disclose previously unreported overseas accounts and assets under the 2011 OVDI (Overseas Voluntary Disclosure Initiative). This may be the last best chance for non-compliant taxpayers to resolve overseas-related...
Anyone that has undisclosed offshore income and assets wishing to come forward and make things right will probably find that 2011 will be a very good year. The 2011 OVDI (Offshore Voluntary Disclosure Initiative) announced by IRS Commissioner Shulman on February 8, 2011 provides what may be the last opportunity for non-compliant US taxpayers to come...
If you are a US citizen or green card holder living outside the United States you are still required to file US 1040 tax returns and other disclosure forms and documents required by the IRS. You must report your worldwide income, foreign holdings of real property, foreign bank and investment accounts, bonds, securities and other...
Please note that the IRS has just announced an extension of the Offshore Voluntary Disclosure program to September 9, 2011! The Internal Revenue Service has announced a special voluntary disclosure initiative: • designed to bring offshore money back into the US tax system • intended to help people with undisclosed income from offshore accounts to...
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