July 2018 Archives

Can the IRS enforce the FATCA?

The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to register with the Internal Revenue Service (IRS) and report the holdings of United States taxpayers. Foreign institutions that fail to abide by this law face serious monetary consequences — up to 30 percent of the income received from U.S. sources.

Reminder: Get foreign accounts in order before OVDP sunsets

The Internal Revenue Service (IRS) recently announced the impending end of the Offshore Voluntary Disclosure Program (OVDP). The program, scheduled to end this September, offers a trade. In exchange for reporting previously undisclosed foreign assets, the IRS will cap some of the potential penalties.

  • ABA | American Bar Association
  • AV Preeminent | Peer Rated for Highest level of Professional Excellence | 2018
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  • Super lawyer | 2018
  • DC Bar
  • American Bar Academy of Attorney - CPAs | The power of the dual view
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Washington, D.C. 20006

Phone: 202-618-1873
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Columbia, MD 21044

Phone: 410-497-5947
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888 Bestgate Road
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Annapolis, MD 21401

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Suite 600
Fairfax, VA 22031

Phone: 703-621-7169
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199 E. Montgomery Avenue
Suite 100
Rockville, MD 20850

Phone: 240-599-5009
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Baltimore, MD 21202

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