by Igor Drabkin | Jul 24, 2012 | FBAR, Internal Revenue Service, Offshore Income
The IRS recently released new Frequently Asked Questions (FAQs) for the 2012 Offshore Voluntary Disclosure Program (OVDP). The 2012 OVDP was announce in January of this year, and represents a third amnesty program rolled out by the IRS with respect to undisclosed... 
by Igor Drabkin | Jun 29, 2012 | FBAR, Internal Revenue Service, Offshore Income
Back in 2009, the IRS announced the first Offshore Voluntary Disclosure Program, intended to bring back into compliance US taxpayers with offshore assets and foreign bank accounts. In 2012, the third program was announced, with higher penalties and no deadline. ... 
by Igor Drabkin | Jun 13, 2012 | FBAR, Internal Revenue Service, Offshore Income
June 30th is the Foreign Bank Account Report Deadline We would like to remind our readers that the deadline for filing a Report of Foreign Bank and Financial Accounts (FBAR) is approaching and the taxpayers should file their FBAR forms (Form TD F 90-22.1) for the... 
by Igor Drabkin | Apr 30, 2012 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
Ohio Attorney Convicted of Tax Fraud for Failure to Report Foreign Accounts On April 20, 2012, the U.S. Department of Justice and the Internal Revenue Service announced that an Ohio attorney Aristotle “Rick” R. Matsa was convicted of tax fraud and obstruction of... 
by Igor Drabkin | Apr 18, 2012 | FBAR, Internal Revenue Service, Offshore Income
On April 17, 2012, the Treasury Department adopted proposed regulations (REG-146097-09), which will require U.S. banks to report interest payments to nonresident aliens starting January 1, 2013. The Treasury Department and the IRS continue their efforts to share bank...