Contents1 National Taxpayer Advocate Protests IRS International Penalties2 What Is the Problem?3 What Is the Solution?4 Late Filing Penalties May be Reduced or Avoided5 Current Year vs Prior Year Non-Compliance 6 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)7 Need Help Finding an Experienced Offshore Tax […]
Contents1 A Guide to Legally Moving Money Offshore2 First, Moving Money Offshore is Not Illegal3 Also, Beware of the U.S.’ Worldwide Income Tax Implications4 Hiding Money Offshore: Legal vs Illegal5 Accounts in Hard-to-Reach Countries6 Intentionally Not Reporting the Money7 Offshore Asset Protection Trusts 8 International Reporting Requirements9 […]
Contents1 What is an FBAR?2 First, Who Has to File?3 What is Reported? 4 What Types of Foreign Accounts are Reported?5 Foreign Bank Accounts Example6 Foreign Investment Account Example7 Foreign Stock Certificate8 Foreign Mutual Fund Accounts9 Foreign Pension/Retirement Example10 Foreign Life Insurance Example11 When is the FBAR […]
Contents1 Criminal Tax Questions and Answers2 If I Missed Foreign Account Reporting, Will I Go To Jail?3 Is an IRS Quiet Disclosure a Crime?4 Is Unfiled FBAR a Crime5 Are Willful FBAR Violations a Crime6 Does the IRS Prosecute for FATCA (Form 8938)?7 Unreported Income Tax […]
Contents1 Was Your Streamlined Disclosure Rejected?2 Aggressive Certifications are Not Necessary3 Willfulness, But Sorry4 Willful, But Not Sorry (aka Fraud)5 Taxpayer Was Already Penalized for the Same Foreign Assets6 The Taxpayer Did Not Pay the Streamlined Penalty7 Current Year vs Prior Year Non-Compliance 8 Avoid False […]
Contents1 Tax Court Rules for IRS on $40 Million Innocent Spouse Claim2 Petitioner was aware of the Options3 Petitioner in the Option Exercise Analysis4 Petitioner Approved the Reporting Positions5 The Petitioner Knew of The Risks6 Court’s Conclusion7 Late Filing Penalties May be Reduced or Avoided8 Current […]
Contents1 Example of an IRS Audit for Expatriation2 Expatriate Tax Filing Documents3 Exit Tax Bond4 Expatriation Examination5 Section 965 Repatriation Tax6 Form 54717 Form 3520/3520-A8 Foreign Trust Distribution or Gift9 What Happens if Jennifer is Considered a Covered Expatriate?10 Foreign Pension11 401K12 IRA13 Post-Expatriation Gifts to […]
Contents1 Know the Risks Before You Take Them2 The Client is Left Holding the Bag3 Offshore Disclosure Example4 Taxpayer Meets with a New CPA5 Taxpayer CPA Has An Ulterior Motive6 Taxpayer Does His Research7 Which Path To Take?8 The Next Morning9 Taxpayer’s Penalties Would Have Been […]
Contents1 The IRS Intensifies Focus on Offshore Tax Fraud Investigations2 Bewares of Tax Promoters3 Concealing Assets by Moving Them Offshore4 Fraudulent Conveyances to Third Parties5 Moving Crypto Offshore to Avoid Taxes6 International Mixing of Cryptocurrency7 Misusing Foreign Trusts8 Falsifying Expatriation Documents9 Puerto Rico Act 6010 Late Filing […]
Contents1 Contempt for Not Repatriating Foreign Assets2 October 2023 Order to Force Repatriation3 November 2023 Order Denying Stay4 December 2023 Order to Show Cause re: Contempt5 January 2024 Order re: contempt of Court6 Why Incarceration Instead of a Daily Fine?7 Late Filing Penalties May be Reduced […]
Contents1 An FBAR Penalties Overview2 FBAR Penalties (Civil vs Criminal)3 Civil Non-Willful FBAR Penalties4 31 U.S.C. 5321 (a)(5)5 Bittner Non-Willful Example6 Burden of Proof7 Three Examples of Civil Non-Willful FBAR Penalties8 Civil Willful FBAR Penalties9 Three Examples of Civil Willful FBAR Penalties10 Criminal FBAR Penalties11 Assessed […]
Contents1 Retroactive Compliance For Malta Pension Plan Taxes 2 First, Why The IRS Dislikes Malta Retirement Schemes3 New Malta CAA, Summonses, and Audits4 Potential Malta IRS Reporting Penalties (FBAR, FATCA, and More)5 Malta Retirement Scheme Example: Meet Michelle6 FBAR Penalties7 Form 8938 Penalties8 Form 3520/3520-A Penalties9 Form […]
Contents1 Who Has to File Form 8938?2 What Does it Mean to Have a Financial Interest?3 Taxpayers May Qualify for an Extension to File Form 89384 What is a Form 8938 Specified Foreign Financial Asset?5 Examples of Who Has to File Form 89386 Are both FBAR […]
Contents1 3 Abusive Tax Arrangements 2 The Difference Between Tax Avoidance and Tax Fraud3 Malta Pension Plans/Retirement Schemes4 Foreign Trusts5 Syndicated Consideration  Eastment/Art Contributions6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs Prior Year Non-Compliance 8 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)9 […]
Contents1 The Court Upheld Form 5471 Penalties2 Form 5471 Penalty Assessment3 The Court Rules they are Assessable4 Late Filing Penalties May be Reduced or Avoided5 Current Year vs Prior Year Non-Compliance 6 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)7 Need Help Finding an Experienced Offshore […]
Contents1 Deficiency Procedures Do Not Apply to Form 35202 Common Form 3520 Penalty Example3 Form 3520 Insanity and Absurdity Entwined4 The IRS Does Not Follow Deficiency Procedures5 Farhy and Murkhi to The Rescue, Maybe6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs Prior […]
Contents1 Choosing the Best Foreign Accounts Disclosure Lawyer2 How Many Years in Practice?3 Are they a Board-Certified Tax Law Specialist?4 You Do Not Need (or Want) a Litigator For Offshore Disclosure 5 Is Your Lawyer a Case Leader or Just a Cog in the Wheel?6 Dual-licensed as […]
Contents1 IRS Foreign Account Penalty Relief2 SFCP (Streamlined Filing Compliance Procedures)3 SDOP (Streamlined Domestic Offshore Procedures)4 SFOP (Streamlined Foreign Offshore Procedures)5 DFSP (Delinquent FBAR Submission Procedures)6 DIIRSP (Delinquent International Information Return Submission Procedures)7 VDP (Voluntary Disclosure Program)8 RC (Reasonable Cause)9 Avoid Making a Quiet Disclosure (QD)10 […]
Contents1 Failed to File Your FBAR?2 First, It Will be Okay3 Willful or Non-Willful?4 Non-Willful Offshore Disclosure Options5 Willful Offshore Disclosure Options6 Selecting the Right FBAR Attorney7 Late Filing Penalties May be Reduced or Avoided8 Current Year vs Prior Year Non-Compliance 9 Avoid False Offshore Disclosure […]
Contents1 What You Must Know About FBAR Before Filing2 The FBAR is Not an IRS Form3 The FBAR is No Longer Due on June 304 FBAR is not Limited to Bank Accounts5 The Threshold is Not $10,000+ Per Account 6 FATCA and FBAR are Not the […]
Contents1 6 Key Things You Must Know For IRS Form 54712 Are You a U.S. Person for Tax Purposes?3 Do You Even Need to File the Form 5471?4 Do You Qualify for an Exception?5 Which Category of Form 5471 Filer(s) Are You?6 Form 5471 and 8621 […]
Contents1 An Overview of IRS Non-Willfulness Certification2 The Three Most Recent Tax Years That Have Passed3 Year-End Balance, Not Maximum Balance4 Taxpayers Must be Non-Willful5 Narrative Statements Should be Concise and Accurate6 The IRS can Still Audit Taxpayers for Prior Years7 Taxpayers Cannot Claim a Refund […]
Contents1 Examples Cases For Failing to File FBAR2 Supreme Court Case – Bittner v. U.S. (Non-Willful Penalties)3 Monica Toth v. United States – (Cert. Denied, Willfulness)4 U.S v. Burga – (Willfulness, 9-Figure Penalty)5 U.S. v. Manafort (No One is Immune from the Law)6 In United States […]
Contents1 Can IRS Voluntary Disclosure Limit Criminal Tax Prosecution Risks?2 What Does the IRS Say?3 Full Tax Compliance is Required4 Voluntary Disclosure Timing is Important5 Late Filing Penalties May be Reduced or Avoided6 Current Year vs Prior Year Non-Compliance 7 Avoid False Offshore Disclosure Submissions (Willful […]
Contents1 How to Make Sense of PFIC2 What is a PFIC?3 PFIC/CFC Crossovers, GILTI, Subpart F and Excess Distributions4 Which Forms to File to Report PFIC?5 PFIC Taxation6 Making PFIC Elections7 No PFIC Election – Excess Distributions8 Late Election/Purging PFIC Election9 Exceptions to Filing the Form […]
Contents1 Common Defenses to FBAR Violations2 Non-Willfulness3 Reasonable Cause Defense to Non-Willfulness4 Reduced Non-Willful Penalties (See IRM)5 A Warning Letter In lieu of Penalties6 Willfulness7 Is the Taxpayer Non-Willful?8 Mitigating Willful Penalties9 Pre-Penalty Avoidance with FBAR Amnesty10 Late Filing Penalties May be Reduced or Avoided11 Current […]
Contents1 A Form 3520 Penalty for Failure to Report a Foreign Gift2 26 U.S. C. 6039F3 IRS Notice 97–344 26 U.S.C. 60485 What is Form 3520?6 Who Must File Form 3520?7 What is Reported on Form 35208 When is Form 3520 Due?9 Can You Apply for […]
Contents1 Golding & Golding’s Foreign Trust Reporting Overview2 What Is Considered to Be A Foreign Trust?3 U.S. Trust with Foreign Assets4 When is a Foreign Trust Taxable?5 Foreign Grantor and Non-Grantor Trust Beneficiary Statement6 When is a Foreign Trust Reportable?7 Does the Foreign Trust Qualify For […]
Contents1 Will Puerto Rico Act 60 Trigger a Tax Audit?2 2023 IRS Puerto Rico Act 60 Announcement 3 Non-Qualifying Income4 Not a Bona Fide Resident5 FBAR6 FATCA7 Potential Criminal Investigations as Well 8 What did Member of Congress Request 9 Late Filing Penalties May be Reduced or […]
Contents1 New Form 8300 Filing Requirements for Cash Transactions 2 Who must file3 What’s new4 When to file5 Examples of reporting situations6 Recordkeeping7 More information:8 Golding & Golding: About Our International Tax Law Firm New Form 8300 Filing Requirements for Cash Transactions  Certain businesses that conduct cash […]
Contents1 Form 1040-NR Filing2 What is Form 1040-NR?3 Can Taxpayers Itemize Deductions on Form 1040-NR?4 Which Types of Income is Reportable on a 1040-NR?5 What are the 1040-NR Due Dates?6 Dual Status Tax Returns7 Tax Payments8 Golding & Golding: An International Tax Law Firm Form 1040-NR […]
Contents1 Foreign Money Transfers to the United States2 Are Foreign Money Transfers to US Taxable Income?3 Transfers of Foreign Gift Money 4 Foreign Wire Transfer of Your Own Money to the U.S.5 Late Filing Penalties May be Reduced or Avoided6 Current Year vs. Prior Year Non-Compliance 7 […]
Contents1 Foreign Inheritance Form 3520 Reporting2 Foreign Inheritance Form 35203 U.S. Situs4 Current Year vs Prior Year Non-Compliance 5 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)6 Need Help Finding an Experienced Offshore Tax Attorney?7 Golding & Golding: About Our International Tax Law Firm Foreign Inheritance […]
Contents1 How to Avoid Common FBAR Errors2 TD 90-22.1 Form Is No Longer Used3 FBAR Is Handled Electronically4 Submit the FBAR on the FinCEN Website5 FBAR Due Date May Still Be on Automatic Extension6 It Is Not a $10,000+ Threshold for Each Account7 Signature Authority8 FBAR […]