Originally posted on Desi Ways:
You might have read about OVDI or OVDP process but IRS introduced this new process called: Streamlined Filing Compliance Procedures This was kind of introduced last year but was for US citizens residing abroad. This new process now includes permanent residents i.e. Green card holders as well. Here are the quick links for…
Originally posted on The Tax Wars Blog:
The IRS has updated its Streamlined Filing Compliance Procedures and Delinquent International Information Return pages (October 9, 2014) and issued Frequently Asked Questions with regard to each. The FAQs for U.S. Taxpayers residing in the U.S. clarify that: The 5% penalty for non-willful submissions does not apply to…
This post originally appeared at the Isaac Brock Society. Updated November 3, 2014 – Readers are strongly encouraged to read the comments as well. One must remember that Streamlined and OVDP are programs which have been invented by the IRS. They are not found in the Internal Revenue Code. Consequently this post should be read […]
Originally posted on The Tax Wars Blog:
“A will-o’-the-wisp is an atmospheric ghost-light seen… at night, especially over bogs, swamps or marshes. It resembles a flickering lamp and is said to recede if approached, drawing (sojourners) from the safe paths.”(Wilkipedia). Most clients with unreported offshore accounts who contact me these days want to enter the…
Originally posted on The Tax Wars Blog:
John J. Scroggin published an interesting and entertaining survey of tax complexity in the Wealth Strategies Journal (Tax Complexity, History, and Humor, July 8, 2014). The article begins with a quote from Judge Learned Hand: “In my own case the words of such an act as the Income…
#Americansabroad asking the question: To get a CLN or not, whether tis better … http://t.co/vGllsPy1C1 – Tough question. It's a #FATCA — U.S. Citizen Abroad (@USCitizenAbroad) April 18, 2014 The above tweet references the following comment at the Isaac Brock Society. It explains why (if the U.S. is really serious about encouraging Americans abroad to […]
Voluntary Disclosures and FATCA: Will You Get Caught If You Do Nothing? #FATCA http://t.co/6RUQQaHtcN — Mopsick Carrere, LLP (@MopsickCarrere) December 9, 2013 Interesting FATCA and tax compliance post from Mr. Mopsick which includes: For both Americans abroad and recent immigrants: Millions of people are agonizing over the question, “Should I just blow it off or […]
Thought I might add this to the “possible ISB” reading list. Niall Ferguson is somewhat of a “celebrity academic” and author of a number of books including “The Ascent of Money” – which I would highly recommend. In any case, he is also the author of “Empire” which is described as a book about: “The […]
Big news! It appears that #streamlinedcompliance is now an option for those who wish to file amended returns! http://t.co/AjHposLymg #OVDP — U.S. Citizen Abroad (@USCitizenAbroad) May 1, 2013 Assuming the correctness of this, it is very big. It signals that the focus of the IRS may be moving away from penalties and toward getting people […]
Anecdotal evidence suggests that the majority of Americans Abroad and Green Card holders are not in compliance with their tax and FBAR filings. Much has been written on this in the last year. Of particular interest are a series of posts written by former IRS attorney Steven J. Mopsick. In order the posts are: Compliance […]
U.S. Persons Abroad - Members of a Unique Tax, Form and Penalty Club 