January 2018 Archives

Could OVDP provide Bitcoin amnesty?

To report or not to report? That question has likely crossed the minds of any investor that owns cryptocurrency. Those who ask this question should note that the Internal Revenue Service (IRS) has now trained agents on how to pursue digital currencies like Bitcoin.

FBAR case and statute of limitations: Court win for taxpayers

The Foreign Bank Account Reporting Form (FBAR) is required for taxpayers that hold certain foreign accounts. The Internal Revenue Service (IRS) has pushed for compliance with reporting requirements in recent years. The agency has come down hard on those who fail to comply and has moved forward with investigations and penalties against those who violate these requirements. Penalties have included hefty fines and imprisonment.

Offshore accounts in a post-FATCA market

The Foreign Account Tax Compliance Act (FATCA) went into effect in 2010. This law requires all foreign institutions outside of the United States to report assets and identities of account holders that are United States citizens. Failure to comply can result in serious ramifications, including steep financial penalties.

China passes new tax law to lure in business

President Donald Trump’s recent tax law appears to have sparked change not just in the United States, but throughout the world. China recently announced that it would grant tax exemption to both local and foreign companies operating within their borders. A piece by CNBC discussed the new law, noting the move signals China’s “determination to gain an edge in global competitiveness.”

Territorial taxes: How will this impact multinational businesses?

President Donald Trump signed the GOP tax bill into law before the end of 2017. The bill changes a number of areas of tax law. This piece will discuss the shift to a more territorial system of taxation and how this will impact multinational businesses and international tax issues.

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