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Category: Offshore Account Update - Page 20

What is the Difference Between the IRS’ Voluntary Disclosure Practice and Its Streamlined Filing Compliance Procedures?

Offshore Account Update

Posted in on September 30, 2020

When you fall behind on your federal tax obligations, voluntarily coming into compliance can save you from substantial penalties and the risk of criminal prosecution for federal tax evasion or tax fraud (or both). However, while the Internal Revenue Service (IRS) offers various “voluntary compliance” options for delinquent taxpayers, these options both (i) offer different benefits, and (ii) are available under different circumstances. As a result, when seeking to come into compliance, you need to make informed decisions, and it is important to rely on the advice of an experienced New Jersey IRS lawyer.

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5 Common Misconceptions about Voluntarily Disclosing Offshore Accounts to the IRS

Offshore Account Update

Posted in on September 23, 2020

The Internal Revenue Service’s (IRS) Voluntary Disclosure Practice and its Streamlined Filing Compliance Procedures provide ways for individual and corporate taxpayers to mitigate their liability for failing to timely disclose offshore accounts as required by law. However, while the IRS’ Voluntary Disclosure Practice and Streamlined Filing Compliance Procedures offer significant benefits when utilized effectively, there are certain risks associated with voluntary disclosure as well. As a result, U.S. taxpayers must be extremely careful to avoid mistakes that could potentially lead to unnecessary penalties, and they must rely on the advice of counsel when disclosing their offshore accounts to the IRS.

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What Factors Do You Need to Consider Before Voluntarily Disclosing Information to IRS CI?

Offshore Account Update

Posted in on July 31, 2020

Under federal law, the penalties for tax evasion include six-figure fines and up to five years of federal imprisonment. Other tax-related crimes carry even greater penalties. While it is possible to avoid criminal prosecution through the Internal Revenue Service’s (IRS) Voluntary Disclosure Practice, there are several critical factors you need to consider before admitting to the commission of a federal crime. Here, New Jersey IRS voluntary disclosure lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an introduction to what you need to know.

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Top 10 FAQs About FBARs

Offshore Account Update

Posted in on January 31, 2020

FinCEN Form 114, better known as a Report of Foreign Bank and Financial Accounts (FBAR), is a federal tax form that must be filed by taxpayers who own or have a financial interest in certain types of offshore accounts. The FBAR rules are complicated and failing to properly file FBARs when required can lead to substantial IRS penalties.

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IRS and Joint Chiefs of Global Tax Enforcement Targeting Offshore Tax Evasion in 2020

Hot Topics, Offshore Account Update

Posted in on January 28, 2020

In 2018, the Internal Revenue Service (IRS) joined forces with tax authorities in four other countries to form the Joint Chiefs of Global Tax Enforcement, known as the J5. In 2020, the J5 announced its first multinational tax evasion investigation, and it warned that banks and taxpayers should expect more similar efforts going forward.

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