Posts tagged "Tax Evasion"

Living abroad? IRS requires tax filing by June 17.

United States citizens living outside of the United States may still owe taxes to the Internal Revenue Service (IRS). The IRS has strict and far reaching tax laws. Tax laws that often extend beyond the borders of the country. As a result, anyone with citizenship will likely need to file with the IRS.

Think non-citizens do not need an FBAR? Think again.

The United States government requires the Reports of Foreign Financial and Bank Accounts (FBAR) forms for United States citizens with ownership or signatory authority over certain foreign assets. However, there are also certain situations when a non-citizen may need to file an FBAR. Three examples include:

Will the IRS use blockchain to fight tax evasion?

The Internal Revenue Service (IRS) has increased its efforts to track down those who are attempting to avoid U.S. tax obligations through use of the blockchain. The agency is using the technology in two ways. First, the IRS is looking into those who use cryptocurrency to hide assets and second, the agency is looking to use the technology as a tool in the fight against tax evasion.

3 lessons from recent FATCA conviction

The United States government has convicted a former chief business officer and chief executive officer of an off-shore bank with locations in Budapest, Hungary, St. Vincent and the Grenadines for a failure to comply with the United States’ Foreign Account Tax Compliance Act (FATCA).

How do I report offshore accounts or foreign assets?

The United States Internal Revenue Service (IRS) requires taxpayers report foreign assets. A failure to do so can result in fines and even criminal charges. Although most people know about this requirement, not everyone knows exactly how to go about reporting these assets. This post will provide some basic information, including common tax forms that the IRS often requires to meet this obligation.

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.

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