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.
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.
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.
When a soccer goalie faces a penalty kick, angst is inevitable.
The 2014 World Cup will be getting underway soon in Brazil. As always in a soccer-mad world, the festivities will surely galvanize the attention of tens of millions of soccer fans around the world.
Across the country, the school year is winding down. Many graduations have already been held, with some still to come.
It's been quite awhile since we've discussed alimony in this blog.
When legitimate warnings go unheeded, it is only natural to revisit them when the warned-of events come true.
It isn't only on undisclosed offshore accounts where the IRS whistleblower program can play a significant role.
It's been awhile since we last mentioned the Cayman Islands in this blog in connection with offshore tax compliance issues.