Deficiency Procedures Do Not Apply to Form 3520 For the past several years, the Internal Revenue Service has specifically targeted international information reporting noncompliance as a key enforcement priority. Oftentimes, U.S. taxpayers are penalized extensively for their failure to report foreign accounts, assets, investments, trusts, and gifts — even when there is no unreported income. […] The post Deficiency Procedures Do Not Apply to Form 3520, or Do They? appeared first on International Tax Lawyers - IRS Offshore Voluntary Disclosure ..read more

Choosing the Best Foreign Accounts Disclosure Lawyer Ever since the Internal Revenue Service increased its enforcement of offshore disclosure and compliance matters, many less experienced attorneys have jumped in the mix making false representations about their experience — and leading taxpayers astray. And, when these attorneys take on cases that they are not experienced enough […] The post How to Select the Right Foreign Asset Disclosure Lawyer appeared first on International Tax Lawyers - IRS Offshore Voluntary Disclosure ..read more

Failed to File Your FBAR? With the recent increase in enforcement by the Internal Revenue Service on matters involving foreign accounts, assets, and investments, many U.S. taxpayers who find themselves out of international information reporting compliance may feel especially overwhelmed or hopeless about what they can do to get into compliance. It is important to […] The post Did You Fail to File Your FBAR and Feel Stuck, What to do Next appeared first on International Tax Lawyers - IRS Offshore Voluntary Disclosure ..read more

What You Must Know About FBAR Before Filing While Taxpayers may be required to file many different types of international information reporting forms each year in order to report their foreign accounts, assets, investments, and income — the FBAR (FinCEN Form 114) is the most common and well-known international reporting form. That is because unlike […] The post 9 Facts You Must Know About the FBAR (New 2024 Update) appeared first on International Tax Lawyers - IRS Offshore Voluntary Disclosure ..read more

6 Key Things You Must Know For IRS Form 5471 While it would appear that there are an infinite number of international information reporting forms required for taxpayers with overseas accounts and assets, Form 5471 is one of the more common and complicated forms. That is because unlike some other forms such as FBAR and […] The post 6 Facts About IRS Form 5471 You Must Know (2024 Update) appeared first on International Tax Lawyers - IRS Offshore Voluntary Disclosure ..read more

A Primer on IRS Tax Form 3520 While the FBAR is the most common type of international information reporting form that U.S. persons with foreign accounts may have to file, there are several other types of IRS foreign tax forms that U.S. persons may have to file if they have foreign accounts and assets. This […] The post A Primer on What You Must Know About IRS Tax Form 3520 appeared first on International Tax Lawyers - IRS Offshore Voluntary Disclosure ..read more

  An Overview of IRS Non-Willfulness Certification The Streamlined Offshore Procedures is a program developed by the IRS to allow non-willful Taxpayers to safely disclose their previously unreported foreign accounts, assets, investments, and income. When it comes to submitting to the Streamlined Domestic Offshore Procedures or Streamlined Foreign Offshore Procedures, one of the most important […] The post An Overview of IRS Non-Willfulness Certification (Tax Specialist) appeared first on International Tax Lawyers - IRS Offshore Voluntary Disclosure ..read more

Retroactive Compliance For Malta Pension Plan Taxes  Back in 2021, the United States and Malta issued a CAA (Competent Authority Arrangement) acknowledging, that US Taxpayers’ attempts to utilize certain Malta personal pension and retirement schemes as Roth IRA alternatives were not going to fly. In other words, a person cannot just unload gobbles of cash […] The post How to Get a Malta Retirement Plan Into Tax Compliance 2024 appeared first on International Tax Lawyers - IRS Offshore Voluntary Disclosure ..read more

Can IRS Voluntary Disclosure Limit Criminal Tax Prosecution Risks? U.S. Taxpayers who are out of compliance for failing to report foreign or domestic income and/or overseas accounts, assets, and investments have many different opportunities to safely get into compliance with the IRS. For non-willful taxpayers, there are many different opportunities such as streamlined procedures, delinquency […] The post Can I Avoid Criminal Tax Exposure with IRS Voluntary Disclosure appeared first on International Tax Lawyers - IRS Offshore Voluntary Disclosure ..read more

TL;DR Most minor mistakes in streamlined filing submissions are not a big deal and can be fixed by following the procedures provided by the IRS. But, when an attorney who claims to be a ‘self-purported’ tax expert charges exorbitant fees and gets the filing very wrong, it becomes a problem. These taxpayers have shelled out […] The post The Increasing Tax Complexities of IRS Streamlined Disclosure appeared first on International Tax Lawyers - IRS Offshore Voluntary Disclosure ..read more