Expat Corner - Latest News
IRS issues specific taxpayers summonses to foreign banks.
U.S. expats cry foul over tax system
A U.S. expat was able to prepare his returns using TurboTax while he was in U.S., that's no longer the case as soon as he moved overseas.
U.S. persons living abroad who owe back taxes
Taxpayer residing outside U.S. questioned at U.S. border regarding back taxes.
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All your questions are answered by Siu Liang Li, Esq.
What Triggers an IRS Audit?
The exact items the IRS zeroes in on and scoring method is a closely guarded secret, but some of the things the agency is believed to scrutinize include...
Voluntary Disclosure Program and op-out consideration.
The OVDP does not have a stated expiration date but can be terminated by the IRS at any time as to specific classes of taxpayers or as to all taxpayers.
Offer in Compromise's Tips
Offer in Compromise rules made more flexible in expansion of Fresh Start Program.
The U.S. Treasury and Justice departments have become aggressive in going after foreign banks and other facilitators to get information about U.S. account owners. The first major target that they had success with was UBS in Switzerland, which ultimately turned over the names of more than 4,000 U.S. taxpayers with hidden Swiss accounts. UBS also agreed to pay a $780 million fine as a result of an investigation and its guilty plea to helping Americans evade taxes.
What to do when a client has an undisclosed foreign account - JofA - December 2013.
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