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H&R Block and FBARS 8938

H&R Block and FBARS 8938

Has H&R Block been giving you bad advice about your offshore accounts?   Taxpayer claims H&R Block error led her to not report foreign income; causing her to enter into the IRS OVDP   I just got off the phone with a new client, “Kat,” from San Diego. This is part of her her story — I make no claims of its veracity. Just what she has told me. I invite a spokesman from H&R Block to leave their input. […]

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Part 6: The Offshore Voluntary Disclosure Program (OVDP) Process

Part 6: The Offshore Voluntary Disclosure Program (OVDP) Process

What is the does the Standard OVDP process involve? So let’s say that you are thinking about reported foreign income and assets under the IRS 2012 OVDP/OVDI rules. Shouldn’t you know what the process entails before engaging in what will be a rather intimate relationship with the IRS? In this article, we will discuss the entire OVDP process from start to finish so that you will know what to expect.      The OVDP Pre-Clearance   In order to submit […]

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Part IV: The Offshore Voluntary Disclosure Program — The Five Percent Penalty

Part IV: The Offshore Voluntary Disclosure Program — The Five Percent Penalty

The Offshore Voluntary Disclosure Program 5% Penalty: Is it right for you? With the standard 2012 Offshore Voluntary Disclosure Penalty at 27.5%, many people in the program, and those considering the program look longingly at the 5% penalty wondering if it can apply to them. This article will discuss why the 5% penalty only applies in very specific situations, and why, that if the 5% Penalty does apply, it may make more sense to opt-out of even the 5% penalty […]

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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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2014 OVDP/OVDI Guide Part 1

2014 OVDP/OVDI Guide Part 1

Part 1 of our new 2014 IRS OVDP/OVDI Guide It’ has been two years since we first published our original Offshore Voluntary Disclosure guide, so we figure it is time for an update so we can to share the many, many things we have learned representing taxpayers around the world and helping them get through the IRS Offshore Voluntary Disclosure Process. One of the more surprising facts — at least for the IRS — is how many US persons legitimately […]

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OVDP FAQ Number 29

OVDP FAQ Number 29

OVDP FAQ 29: Think before you leap It’s no secret that many US persons who have been intentionally hiding income from the IRS have used shell companies, such as foreign corporations, trusts and partnerships. I claim no clairvoyance on the possibility of avoiding detection, but I’ve been told by people within the IRS that the IRS suspects that the vast majority of people who haven’t come clean with unreported accounts and income are hoping that their use of these foreign […]

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What is IRS Form 5472?

What is IRS Form 5472?

 What is IRS Form 5472?   Even if you are aware of the IRS Filing requirements for expats, it can be very easy to get confused over the differences between all the numbered forms needed. What is each one for? In an previous post we examined who must file for IRS Form 5471. That form is for individuals with relationships to foreign corporations. The other major form having to do with this, IRS Form 5472, is for the reporting corporations […]

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What is Form 5471 and which category applies to you?

What is Form 5471 and which category applies to you?

Expats: Which IRS Form 5471 Filing Category Applies to You? When it comes to filing IRS Form 5471, it can be tricky for expats to determine who exactly must file the form. The general purpose of the return is informational in nature, and the broad category of persons affected include U.S. Citizens and residents (wherever in the world they reside) who have relationships to foreign corporations, either as shareholders, directors, or officers. In the directions for the form, under the […]

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Tax planning seminar in Panama? Read this article first

Tax planning seminar in Panama? Read this article first

Going to a tax planning seminar in Panama? Read this article first   Why you really really might not want ever speak, or even be in the same room as San Diego Tax Attorney Christopher Rusch In yesterday’s post about Chris Rusch, a self-claimed tax attorney mastermind who will be meeting potential tax clients in Panama shortly, I wrote:   But there is more to the story. According to criminal tax attorney Michael Minns of Houston, Texas : I tend […]

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