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June 2014 Archives

Offshore Voluntary Disclosure Program Changes

The Offshore Voluntary Disclosure Program (OVDP) has been recently updated. Our Fort Lauderdale and Miami tax attorneys can assist you during your disclosure process and advise you on the best course of action for you situation. Not to mention that FATCA goes into effect July 1, 2014. In light of the Modified 2012 Offshore Voluntary Disclosure Program (2014 OVDP) and the Financial Account Tax Compliance Act (FATCA) deadlines, it is clear the IRS is cracking down on offshore tax evasion. One major change to the program is the increase in the Miscellaneous Title 26 offshore penalty from 27.5% of the total account assets to 50% of the total account assets.

IRS Commissioner's Remarks at Conference Hint at OVDP Changes

Koskinen.jpgSpeaking at an International Tax conference recently, the commissioner of the Internal Revenue Service implied that changes might be in the works for the agency's offshore voluntary disclosure program (OVDP). The changes, if created, would be an important breakthrough for certain expats, who have been living (and banking) overseas for years, or even decades, since the changes potentially would allow them to come into compliance without facing the same sort of punitive penalties imposed on US citizens whose non-compliance was willful.

Florida Man Hit with Record Tax Penalty on Swiss Bank Account

751px-American_Cash.JPGA jury in Miami recently found that a Coral Gables man could owe civil penalties of $2.24 million for a secret Swiss bank account he held, Bloomberg reported. This sum is noteworthy due to its large size. What makes it especially significant is that the account in question only held $1.5 million in it. The taxpayer's lawyers described the 150% penalty as record-setting in terms of percentage.

Recent Treasury Notice Regarding 'Transition Period' Not a Delay of FATCA Implementation

The U.S. Department of the Treasury recently announced that the current and next calendar years will be a "transition period" for complying with the Foreign Account Tax Compliance Act's requirements. The creation of this transition period should not be seen as a postponement of FATCA's obligations, but rather as a time when affected entities can seek to implement policies that bring them into full compliance. Thinking that the new announcement has delayed the requirements imposed by the FATCA is erroneous and dangerous.

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