FBAR audit success
Reginald called our office in early 2014. He was a US citizen who had been living in Germany since the 1990s. He met and married a wonderful woman and they had a beautiful family together. All things said, he made his life there and Germany was his home. Reginald was very successful in...
OVDP Success Story: Making the Foreign Tax Credit Work!
At IRSMedic, we like to say that knowledge is power. Understanding how the IRS works and what rights taxpayers have can turn a bad outlook into a positive resolution. "Jonathan" hired our firm to help him with years of unfiled FBARs and unreported foreign income. Wanting to stay in compliance ...
Two Successful Transitional OVDPs!
The IRS allows eligible taxpayers who are currently in the standard OVDP to be treated under the streamlined process. The streamlined process is worth considering because it has some seriously favorable penalty structures and look-back for unfiled returns. The streamlined program can be -- for taxpayers who ...
IRS and Foreign life insurance and OVDP implications
Foreign life insurance plans are considered non-qualified insurance by the IRS, and as such, taxpayers are required to calculate and pay tax on what the IRS deems to be “income on the contract." It's not a very well known obligation for foreign filers, and neither professional tax software ...
US Taxes and foreign pensions: The need for proper disclosure
A really solid accounting firm that we have collaborated with several times had a client with a foreign pension distribution that he mistakenly failed to declare. The accounting firm took the initiative and directed their client to seek...
How to have a positive OVDP Experience
Making an offshore voluntary disclosure is easy. Slap together a few documents and you're done, right? Well, not so fast...preparation is the key. Putting together a sloppy voluntary disclosure will only lead to more problems. How? For starters, your submission will be reviewed by an actual...
A tale of OVDP Opt-out audit success
This is going to be a different kind of success story. I'm going to talk about what you, as the taxpayers, need to do to have success during an Offshore Voluntary Disclosure Program/Initiative (OVDP/OVDI) Opt - out audit.
OVDP Opt-out success also provides valuable life lesson
"Barry," an investment banker in Orange County, California, moved to the US in 1990 and became a full - fledged citizen in 1993. He was a signatory on several of his biggest clients' foreign bank accounts. Along with his own foreign bank accounts, the ...
Offshore Disclosure and FBAR Amnesty success stories
We are fortunate that so many of our great clients are kind enough to share their OVDP experience; to give hope and inspiration that any tax problem can be made better. Here are a few Offshore Disclosure and FBAR Amnesty success stories. "Thanks for everything" - ...
