OVDP

IRS Offshore Voluntary Disclosure Program Offers Stark Choices for Taxpayers

The Internal Revenue Service is encouraging taxpayers with previously undeclared foreign bank accounts to enter into its Offshore Voluntary Disclosure [...]

Beanie Babies creator gets probation for tax evasion

(Reuters) - The billionaire creator of Beanie Babies, Ty Warner, will serve two years of probation, including mentoring high school students, following his [...]

Push for FATCA Agreements Continues With 12 Pacts Signed, More Under Way

By Alison Bennett Dec. 10 – The push for agreements to implement the Foreign Account Tax Compliance Act continues as the U.S. government works with dozens [...]

IRS not fully ready for law against offshore tax evasion: watchdog

WASHINGTON (Reuters) - The Internal Revenue Service has spent 19 months and more than $8.6 million getting ready to enforce a new law against offshore tax [...]

What To Say When (Not If) Your Offshore Bank Asks, ‘Are You Compliant With IRS?’

More than 7 million Americans live abroad, and most have bank accounts there. Many other Americans have overseas bank accounts too. Most are receiving [...]

What’s FATCA? Global Banking Meets NSA But Reports To IRS

FATCA was quietly enacted in 2010 in a big messy bill called the Hiring Incentives to Restore Employment Act of 2010 (P.L. 111-147). Who names these bills? If [...]

U.S. Inks FATCA Tax Deals With 9 Nations, Pursues 80 More During 6 Month Reprieve

The war on tax evasion is no secret. It started with the U.S., which is still the big driver. But the war extends outward like the spokes of a wheel. And the [...]

FATCA’s Bleak Choices For Accounts, Income, Disclosure

Is any offshore income, account or trust still secret? The only safe assumption is no. And contrary to public opinion, it is not merely a prospective problem. [...]

Is Filing Your First FBAR Admitting To A Crime?

Is filing your first FBAR admitting to a crime? Hardly, but this is a common worry. Perhaps you learned only recently that you had to file annual FBARs for [...]

Beware Global IRS Reach – And Very Long Memory

Does the IRS forgive or forget? Rarely, and when it comes to offshore accounts, even more seldom. The IRS quest for offshore accounts–some call it a [...]