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July 2014 Archives

Expanded amnesty for some undisclosed offshore accounts

The recent changes to the limited-amnesty program discussed on this blog contained good and bad news. Our previous post explained how penalties are going to increase for some taxpayers in the Offshore Voluntary Disclosure Program.

Offshore accounts: passport renunciations continue to increase

One of the offshore account stories we’ve been following in this blog is decision by many Americans living abroad to give up their American citizenship because of the burden of complying with stepped-up foreign account compliance requirements.

FATCA effective July 1: Who will it affect?

Congress passed the Foreign Account Tax Compliance Act in 2010 to go after U.S. tax evaders who concealed assets in offshore accounts. FATCA went into effect on July 1, 2014. Some writers have added a T and described the measure as going after "fat cats;" however, it will likely affect many innocent middle-class individuals. 

Increasing IRS penalties for offshore account holders

In a recent advisory, the Internal Revenue Service announced changes to its Offshore Voluntary Disclosure Initiative. For those who hold accounts at 10 international banks currently under investigation, the message was: come forward before August 4 or face much greater penalties.