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In the summer of 2017, Don Fort was appointed as the Chief of IRS Criminal Investigation (CI). The purpose of CI is to ensure efficiency in handling tax crimes, and hunt down tax criminals. Fort plans to take aim at international tax wrongdoing in a more targeted way, through data analysis and new international tax enforcement groups....
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...
The streamlined ‘Offshore Voluntary Disclosure Program’ (OVDP) introduced by the U.S. Internal Revenue Service (IRS) in 2012 allows U.S. Persons holding foreign financial accounts to disclose these details to the IRS if they did not file the FBAR, 1040, or other qualifying forms as required by the IRS. If accepted, the taxpayer would be eligible...
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...
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