I don’t often post verbatim complete IRS pronouncements. This post is an exception, however, because the IRS Newswire Issue reprinted below contains an urgent message for those with unreported offshore income and / or...
Category: OFFSHORE VOLUNTARY DISCLOSURE PROGRAM
On October 26, 2017, Hyung Kwon Kim (Kim), a Greenwich, Connecticut man pleaded guilty to failing to report funds he maintained in foreign bank accounts to the Department of Treasury. The DOJ Press Release was announced...
Prospective clients often ask me, “What is the likelihood of my unreported offshore bank account being discovered?” My answer is always: “Very likely if you are caught.” I don’t mean to be cute by answering thus....
IRS Committed to Stopping Offshore Tax Cheating; Remains on “Dirty Dozen” List of Tax Scams for 2017
February 16, 2017
IRS Newswire Issue No. IR-2017-35, February 16, 2017 is reproduced below in its entirety. WASHINGTON — The Internal Revenue Service today said avoiding taxes by hiding money or assets in unreported offshore accounts remains...
COMPARISON CHART – OVDP VERSUS STREAMLINED © 2016 by Robert S. Steinberg, Esquire. All rights reserved http://www.steinbergtaxlaw.com CHARACTERISTIC OVDP STREAMLNED Up Front Qualification? Yes -Names clearance (30...