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Part V: The Streamlined Offshore Voluntary Disclosure

Part V: The Streamlined Offshore Voluntary Disclosure

Streamlined Offshore Voluntary Disclosure, what is it, and who qualifies Many people are looking for alternatives to the Offshore Voluntary Disclosure 27.5% penalty. In Part IV of our 2014 Offshore Voluntary Disclosure guide, we explained why many people won’t qualify for the reduced 5% penalty on offshore accounts. We also explained that if someone qualified for the 5% penalty, they would more than likely be great opt-out candidates for a 0% penalty. So now comes one more possible alternative. The […]

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Part III: Offshore Voluntary Disclosure Guide

Part III: Offshore Voluntary Disclosure Guide

2014 IRSMedic Offshore Voluntary Disclosure Guide In  Part III of the 2014 Offshore Voluntary Disclosure Guide, Tax Attorney Anthony E. Parent discuses the costs of complying with the various Offshore Program, including attorney fees, along with the some of the risks associated with not disclosing foreign offshore bank accounts to the IRS. Watch here: Here is the outline for Part III: OVDP Costs 1. The Standard OVDP with 27.5% Offshore penalty2. The Reduced 12.5% penalty for accounts less than $75,0003. […]

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Part II: Offshore Voluntary Disclosure Guide

Part II: Offshore Voluntary Disclosure Guide

Part 2 of our 2014 IRS OVDP/OVDI Guide In Part II of the 2014 IRSMedic Guide to Offshore Voluntary Disclosure, tax attorney Anthony Parent discusses the OVDP process considerations and more specifically, the IRS OVDP FAQs #12-21. Watch Part II of our Offshore Disclosure Guide to learn answers to questions such as: Who is eligible to make a disclosure and what to do if you are not (hint:exercise your constitutional right to shut your mouth). What to do if you […]

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How to Get into Compliance with the FBAR

How to Get into Compliance with the FBAR

How to get into compliance with the FBAR? What is an FBAR? You might well ask this, since it seems to be another in a long slew of IRS acronyms begging for clarification. FBAR stands for “Report of Foreign Bank and Financial Accounts” and it is a required filing that is due June 30th of each year. Why is it important to know what it is? Because it’s part of an attempt to get control over international money laundering operations […]

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Streamlined filing or full OVDP

Streamlined filing or full OVDP

Streamlined Filing or Full OVDP? Get Tax Attorney Help While the Offshore Voluntary Disclosure Program (OVDP) remains open, taxpayers may have difficulty deciding whether to apply for it or to apply for the new, streamlined procedures for non-resident non-filers. What does it all mean? Getting help from an expert tax attorney can make the choice clearer and the submission to the appropriate program easier. The “Full” Offshore Voluntary Disclosure Program reduces criminal exposure The Offshore Voluntary Disclosure Program (OVDP) is […]

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IRS FBAR News and Updates

June 2013 IRS FBAR News & Updates With all the FBAR news coming out, I thought it would be a good idea to do a quick video to go over some of the bigger FBAR?OVDP news developments. In this two-part video series, I : (1) give a quick overview the FBAR form and its filing requirements(2) describe the IRS crackdown on so-called soft or quiet disclosures (3) report on news that the IRS has made no efforts to educate expatriate […]

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FBAR Update: France & HSBC

  What to do if you are one of the 24,000 HSBC bank account holders who has not disclosed foreign accounts In unsettling news for US persons who have not disclosed the existence of foreign accounts to the IRS, Herve Falciani, an IT worker at HSBC’s Geneva branch, stole the names of 24,000 HSBC customers with private accounts and in 2008 he gave that data to Christine Lagarde, the former Finance Minister of France, and current head of the International […]

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Offshore Voluntary Dislcosure Initiative payment plans and options

  How to get an OVDI or FBAR penalty payment plan you can live with For many US taxpayers considering whether or not to enter in to the IRS Offshore Voluntary Disclosure Initiative/Program (OVDI/OVDP), one of the biggest concerns is — what if I am forced to accept a 27.5% FBAR-equivalent offshore penalty? What if I am stuck with a bill that I can’t afford to pay? We’ve written extensively about why the 27.5% offshore penalty is unlikely for the […]

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My OVDP article in Tax Insider

  What tax professionals need to know about the IRS Offshore Voluntary Disclosure Program  (OVDP) I was very fortunate to be able to contribute to the good people over at the Tax Insider, an article entitled “What tax professionals need to know about the IRS voluntary disclosure program.” Here’s an except:

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