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Archive for 'Offshore Voluntary Disclosure' Category

Bitcoin – Coming Back to Bite You?

By Virginia La Torre Jeker J.D., - Monday, April 17, 2017

In November last year, the Internal Revenue Service (IRS) issued a so-called John Doe Summons to “Coinbase”,  the largest digital currency exchange firm in the US and the largest exchanger… Read more…

IRS Budget on the Chopping Block – Taxpayers Must Prepare for Greater IRS Aggression

By Virginia La Torre Jeker J.D., - Monday, April 10, 2017

President Donald Trump released his “Budget Blueprint on March 16, “America First, A Budget Blueprint to Make America Great Again”.  The Budget Blueprint “reprioritizes” Federal spending so that it will… Read more…

IRS Has a New Audit Strategy – Focus OVDP Withdrawals and Declines

By Virginia La Torre Jeker J.D., - Sunday, March 5, 2017

Internal Revenue Service’s (IRS) Large Business and International (LB&I) Division now has a new audit strategy known as “campaigns.” For the past several years, the LB&I Division has attempted to… Read more…

FBAR Penalty: IRS Has No Sympathy for Taxpayer When Accountants’ Made Continual Errors

By Virginia La Torre Jeker J.D., - Sunday, February 5, 2017

By now readers of my blog know of the possible draconian penalties that can be assessed for failure to file a so-called FBAR (Report of Foreign Bank and Financial Accounts). … Read more…

Taxpayer Confusion over FATCA and CRS May Contribute to Continued Tax Noncompliance

By Virginia La Torre Jeker J.D., - Sunday, December 18, 2016

As reported today, some banks in the United Arab Emirates (UAE) have now begun notifying customers that they will be collecting tax-related information from customers starting next year .  This… Read more…

OVDP and Streamlined Efforts Net $10 Billion & Over 100,000 Taxpayers

By Virginia La Torre Jeker J.D., - Sunday, October 23, 2016

The Internal Revenue Service (IRS) announced on October 21, the results of updated “Offshore Voluntary Compliance Program” (OVDP) and Streamlined Procedure data.   Since the inception of the OVDP in 2009,… Read more…

Streamlined Procedures – Some Good News

By Virginia La Torre Jeker J.D., - Wednesday, May 25, 2016

As readers will remember, the linchpin of the Streamlined Procedure, whether foreign or domestic, is that the tax noncompliance must have been “nonwillful”.  Some fact patterns are very clear and… Read more…

Panama Papers Contain American Names – Revelations to Come!

By Virginia La Torre Jeker J.D., - Wednesday, May 11, 2016

Some interesting information can be obtained from the video of the Offshore Alert Conference held on May 3 in South Beach, Florida.  Panelists included Gerard Ryle, head of the International… Read more…

IRS Plays Dirty in OVDP

By Virginia La Torre Jeker J.D., - Tuesday, March 29, 2016

Shame on the Internal Revenue Service (IRS).  In a classic case of the pot calling the kettle black, the IRS, in its incessant hunt for “undisclosed” offshore accounts, has been… Read more…

Late Tax Returns – IRS Denies Foreign Earned Income and Housing Exclusions

By Virginia La Torre Jeker J.D., - Friday, March 25, 2016

Most Americans working abroad know they may be eligible to exclude certain foreign earned income (wages, compensation for services) and housing amounts from US taxable income.  This means that, unlike… Read more…

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An up-to-date look at US tax laws for American Expats, foreign investors into the US market or other foreign persons having any US connections. More Info

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