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IRS To End Offshore Voluntary Disclosure Program

Posted by Zinner & Co. Tax Team on Mar 14, 2018 3:59:05 PM

The IRS announced today that it was going to end the Offshore Voluntary Disclosure Program (OVDP) by September 28, 2018.  The Service is giving taxpayers just over six months’ notice of the program closure to allow any taxpayers who wish to do so the opportunity to take advantage of the program before then.

The current program has been in place since 2014 and is, actually, a modified version of the one that was originally launched in 2012.  The programs have afforded taxpayers to voluntarily resolve past non-compliance issues related to unreported foreign financial assets, as well as failures to file foreign information returns. 

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Topics: foreign assets, IRS

Mandatory Filing Now Required for U.S. Owners of Foreign Entities

Posted by Zinner & Co. on Jun 17, 2015 11:33:00 AM

 

The Department of Commerce has introduced a new form that is required to be filed by U.S. owners of foreign entities.  The new form BE-10 is filed through the Bureau of Economic Analysis (BEA).  The BE-10 is an annual survey which, up until recently, was only mandatory if the U.S. owner was contacted directly by the BEA. 

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Topics: foreign assets, owners of foreign entities, Taxes - Corporate & Business, Taxes - Planning, Rules and Returns

Foreign Bank and Financial Accounts: What You Need to Know

Posted by Zinner & Co. on Jun 9, 2014 3:56:00 PM

Posted by: Michael Hermes, Tax Senior 

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Topics: FBAR, foreign assets, Taxes - Planning, Rules and Returns

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