Blog Archives: IRS

IRS Offshore Voluntary Disclosure Program

The IRS Offshore Voluntary Disclosure Program for 2017 offers taxpayers with undisclosed offshore accounts the ability to come forward voluntarily, file their returns, disclose their assets, pay the resulting taxes and penalties, and receive a clean slate. This article covers amendments to the Offshore Voluntary Disclosure Program through February 9, 2017. As of 2017, the

retained earnings

According to the N.Y. Times, The IRS has begun tracking homes bought through offshore companies and shell corporations in the United States. If you’ve setup an offshore structure, and used your retained earnings to buy real estate in the United States, you’re probably a target of the IRS. Even if your offshore company is tax

Pre-Immigration Tax Planning

If you’re moving the the United States, get ready for our crazy tax system. Most importantly, if you will become a US resident, be prepared for US tax on your worldwide income. You need to do your pre-immigration US tax planning before you arrive to minimize these taxes. Let me begin by defining what I

IRS Can Revoke Passport
12/09/2015 - 11:29 AM
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This is an urgent warning for Americans living, working, investing, or doing business abroad. The IRS now has the authority to revoke your passport. If you have unfiled tax returns or you owe more than $50,000, the government can take away your US passport. Also, the Service can now refuse to issue a passport to

IRS Data Collection
11/19/2014 - 11:12 AM
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Much like the NSA, the IRS data collection machine is building a file on all Americans. It’s online now and will be ready to use in all audits within one year. The IRS collects more useful data on you than does the NSA and will begin making it available to auditors shortly. Some IRS data

Panama Tax
11/10/2014 - 7:00 AM
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If you’re an American living, working, or investing in Panama, the Panama tax system is your friend. The Panama tax code may allow you to live tax free in Panama and, possibly, in the United States. This Panama Tax Review will explain how to reduce your worldwide tax bill. Before getting in to specifics, it’s

Retire Abroad
07/07/2014 - 2:03 PM
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If you have unreported offshore bank accounts or foreign assets, the IRS has one last best offer called the 2014 IRS Offshore Settlement Program.  Come forward and, if you are living offshore, pay no penalties.  If you are living in the U.S., pay only 5% for a fresh start. This, the third installment of the

IRS Fees
07/04/2014 - 11:37 AM
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If you have unreported offshore bank accounts, the IRS is coming for you … again.  U.S. expats are about to find themselves under even more IRS scrutiny because of the 2014 Offshore Voluntary Disclosure Initiative, a new attack on offshore bank accounts.  The IRS is starved for cash and they are coming after expats with

Cheap offshore Company
06/16/2014 - 6:00 AM
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Are you considering forming a cheap offshore company?  Has some scammer in Nevis promised you tax freedom and privacy?  Forming a cheap offshore company that does not include U.S. tax compliance is a roadmap to disaster for the American living, working or investing abroad. How much would you be looking at in penalties for using

Give Up US Citizenship
03/26/2014 - 6:04 AM
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Record numbers of Americans gave up US citizenship in 2013. As the IRS mafia becomes ever more hostile to its citizenry, Americans give up US citizenship in record numbers. In 2013, 3,000 Americans lined up at embassies around the world to renounce their citizenship and get Uncle Sam out of their pockets for good. This is

U.S. Source Income
10/16/2013 - 11:48 AM
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We get a lot of good questions from Expats around the globe during the April 15 and October 15 tax seasons. Here are a few from this go-round. Moving to a High Tax Country Q: “I’ve just moved to Australia in the last year.  I currently have very little assets in the US and am

01/09/2013 - 6:03 AM
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Let’s say you have filed all of your delinquent returns, and the foreign-earned income exclusion, along with the other suggestions in this book, and did not eliminate your entire U.S. tax bill. Now the IRS is at your door…what should you do? Step One: Know your risks First, you must understand that the IRS can

01/09/2013 - 5:55 AM
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Great News for Some ExPats and Dual-Nationals As an ExPat American, you know that you are required to file a U.S. tax return each year and report your foreign bank accounts if you have more than $10,000 offshore. Unless you have been living under a rock in Bangladesh, you also know that the IRS has

01/09/2013 - 5:48 AM
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One of the most misunderstood areas of living, investing or operating a business abroad are the U.S. tax filing and reporting requirements. The purpose of this summary is to review the basic requirements and I recommend that you consult an international tax expert as to how they fit your particular situation. One of the foundations