FBAR

IRS to Scale Back the Offshore Voluntary Disclosure Program

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The Internal Revenue Service (IRS) recently announced that the Offshore Voluntary Disclosure Program (OVDP) will officially end on September 28, 2018. [...]

How to legally structure and set up multiple businesses?

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Every entrepreneur has a consistent, common trait: their love for hustle, and an uncanny ability to not put up with anything rubbish. They’re doers by [...]

11 new IRS Compliance Campaigns

IRS LB&I Division Announces Additional Compliance Campaigns: Earlier this year, the IRS's Large Business and International (LB&I) division adopted a [...]

Details of tax reform legislation revealed

The House Ways and Means Committee released draft tax reform legislation on Thursday. The Tax Cuts and Jobs Act, H.R. 1, incorporates many of the provisions [...]

New Due Date for FBARs

The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15.  This date change was [...]

IRS Issues New Guidance on FBAR Penalties

The Internal Revenue Service has released new guidance on penalties for failing to file a foreign bank account report, capping the maximum percentage of the [...]

PORTOLA VALLEY, CALIF., MAN SENTENCED TO PRISON FOR FAILURE TO REPORT FOREIGN BANK ACCOUNTS HELD AT UBS

WASHINGTON – Christopher B. Berg of Portola Valley, Calif., was sentenced yesterday to one year and one day in prison to be followed by three years [...]

CONNECTICUT MAN WHO USED OFFSHORE ACCOUNTS SENTENCED TO PRISON FOR TAX EVASION AND CONSPIRACY

WASHINGTON – John Cote, formerly of Danielson, Connecticut, was sentenced today to serve 46 months in prison by U.S. District Judge Vanessa Bryant, the [...]

IRS Penalties Can Feel Cruel, But Are They Ever Unconstitutional?

If you have ever forked over additional taxes, interest and penalties to the IRS, you may have uttered a few choice words. Yet odds are you probably didn’t [...]

Feds Push Jail For Tax Crimes: Like Your Cell, Keep Your Cell

Does jail work is a large and complex question. But prosecutors are trained to want it and to push hard, in some sectors more than others. Tax charges are [...]