Tag: angloinfo

The Unreported Offshore Account – Still Alive After Death & Plaguing Executors and Heirs

My blog post reproduced below was originally posted on AngloInfo "Let's Talk About US Tax" Posted on October 12, 2015 by Virginia La Torre Jeker J.D., When someone dies owning an unreported financial account, the heirs and executors of the estate are faced with a serious problem. First, assuming there is undeclared income earned with respect to the … Continue reading The Unreported Offshore Account – Still Alive After Death & Plaguing Executors and Heirs →

If You Go, You Can’t Come Back. The Reed/Schumer Follies-Past And Proposed Anti-Expat Legislation: Interview With Bill Yates, Former IRS Attorney (International)

My blog post reproduced below was originally posted on AngloInfo "Let's Talk About US Tax" on December 30, 2013 by Virginia La Torre Jeker J.D., Today’s blog post is yet another interview that provides valuable insight from Willard (Bill) Yates, who recently retired from the Office of Associate Chief Counsel (International) (ACCI), Internal Revenue Service after 31 years … Continue reading If You Go, You Can’t Come Back. The Reed/Schumer Follies-Past And Proposed Anti-Expat Legislation: Interview With Bill Yates, Former IRS Attorney (International) →

Reminder – All About Alimony and the Foreign Spouse….If You Hate Your Spouse As Much as You Hate Paying Taxes …

My readers know that broad US tax reform was enacted in December under the commonly called Tax Cuts and Jobs Act (“TCJA”).  Today’s post is a reminder of how the new tax rules will impact any US spouse who will be either paying or receiving alimony.   The clock is ticking and action must be taken … Continue reading Reminder – All About Alimony and the Foreign Spouse….If You Hate Your Spouse As Much as You Hate Paying Taxes … →

Jail Time for Plastic Surgeon Hiding Money in Dubai

This FBAR case hit close to home. In fact, it hit home! The Department of Justice proudly announced that it flushed out a Beverly Hills plastic surgeon hiding money in Dubai and got him sentenced to one year and one day in federal prison. Marc Edward Mani, 50,  will serve jail time for failing to … Continue reading Jail Time for Plastic Surgeon Hiding Money in Dubai →

FBAR “Last Chance” Due Date Soon Here – What to do with Virtual Currency?

The Financial Crimes Enforcement Network (FinCEN) had earlier issued an announcement reminding of the due date for filing the 2017 FinCEN Form 114, Report of Foreign Bank and Financial Accounts (the notorious “FBAR”).  The 2017 FBAR relates to foreign financial accounts held at any time during the calendar year 2017. In line with the change in … Continue reading FBAR “Last Chance” Due Date Soon Here – What to do with Virtual Currency? →

Americans Abroad: Sept 18, LONDON – Push to End Citizenship-Based Taxation

A lively discussion is set to drum up support to convince US lawmakers to end America’s increasingly-unpopular “citizenship-based” tax regime. The meeting will take place in London next week. When: Tuesday 18 September 2018 - 17:30 to 19:00 Where: Central London location – to be confirmed upon RSVP (nearest tube: Westminster) Venue: To be provided upon RSVP (nearest … Continue reading Americans Abroad: Sept 18, LONDON – Push to End Citizenship-Based Taxation →

MORE Real Life Examples: US Tax Traps of International Community Property

Part I of my blog post explained the basics of community property and how US tax laws can override certain community property principles when a US/NRA married couple is involved.  This was followed by a blog post posing a smattering of real-life examples that demonstrated how community property laws can impact the US tax situation … Continue reading MORE Real Life Examples: US Tax Traps of International Community Property →

New FBAR “Willful” Penalty Case: But You Can’t Blame the IRS!  

I don’t have much to say about this case, simply because not much needs to be said. In United States v. Gentges (USDC SDNY Dkt. 7:18-cv-07910), the Government is bringing a lawsuit to collect a “willful” FBAR penalty for the tax year 2007 in an amount close to USD904,000. The penalties relate to two Swiss bank accounts … Continue reading New FBAR “Willful” Penalty Case: But You Can’t Blame the IRS!   →

OVDP Ending / IRS To Announce New Procedures

The Internal Revenue Service (IRS) reminded taxpayers yesterday that they have until September 28 to apply for the Offshore Voluntary Disclosure Program (OVDP). In March, the IRS announced the program would end on the 28th of this month. The IRS has made clear that it will continue to hold taxpayers with undisclosed offshore holdings accountable after … Continue reading OVDP Ending / IRS To Announce New Procedures →

Katholos – New Case Shows IRS Aggression in Asserting FBAR “Willful” Penalty

I have been blogging recently (here and here) about the IRS’ aggressive stance in determining what constitutes a taxpayer’s “willful” failure to file an FBAR and the fact that mounting court cases show the judiciary is buying in to the IRS’ position.  Courts appear to be more easily upholding a finding of “willfulness” when it … Continue reading Katholos – New Case Shows IRS Aggression in Asserting FBAR “Willful” Penalty →