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Category Archives: IRS Amnesty

Eligibility Requirements To Be In The I.R.S. Streamlined Program

By Lehman Tax Law |

I want to make everyone aware that there is actually two different programs.  One applies to Americans who live in America. The other one applies to U.S. taxpayers who have been living offshore, and have only some minor ties with the U.S.  Simply because they are U.S. citizens or green card holders or have… Read More »

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The Internal Revenue Service Streamlined Procedure

By Lehman Tax Law |

American investors who own income-producing assets in foreign domains outside of the United States are required to report the existence and earnings of those assets for United States tax purposes. In the past, there has been a good deal of failure to report bank deposits and other foreign assets. Once discovered by the Internal… Read More »

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The Streamline Procedure – Failure To Report Foreign Bank Deposits And Foreign Assets

By Lehman Tax Law |

The Offshore Voluntary Disclosure Program since September 28, 2018 is no longer available to taxpayers who have not reported their omitted foreign bank accounts and certain foreign assets. However, the Streamline Procedure, which applies only to those persons who have not willfully failed to report their foreign bank accounts, is still available. However, like… Read More »

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The End Of The Offshore Voluntary Disclosure Program (OVDP)

By Lehman Tax Law |

I.R.S. is now free to go after willful parties at a criminal level. At this time, a taxpayer will no longer be able to submit their name to the IRS for clearance in advance assuring the taxpayer; that the taxpayer will not be subject to several major penalties that may otherwise apply to these… Read More »

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The I.R.S. is terminating the Offshore Voluntary Compliance Program on Sept 28, 2018

By Lehman Tax Law |

Update on I.R.S. Amnesty Programs for Americans taxpayers with unreported income and unreported foreign accounts. The Internal Revenue Service has announced that the Offshore Voluntary Compliance Program will terminate on September 28, 2018. (The IRS Streamlined Filing Compliance Program will remain) This Offshore Voluntary Compliance Program is a separate I.R.S. Program that waives certain… Read More »

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IRS Amnesty; The Offshore Voluntary Disclosure Program explained in less than 5 minutes

By Lehman Tax Law |

September 28, 2018 – The IRS will be terminating the Offshore Voluntary Compliance Program (OVDP) American citizens and residents often have placed funds in “foreign bank accounts” in banks all over the world. There is a requirement that all of these foreign bank accounts be reported to the United States on an annual basis… Read More »

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Americans With Foreign Bank Accounts

By Lehman Tax Law |

American citizens and residents often have placed funds in foreign bank accounts in banks all over the world.  There is a requirement that all of these foreign bank accounts be reported to the United States on an annual basis and that United States income taxes be paid on all of these bank deposit funds. Many… Read More »

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Update on the IRS Streamline Compliance Program

By Lehman Tax Law |

There is an Internal Revenue Service program that permits United States individuals, who have innocently and unknowingly not reported their foreign bank deposits, to report those deposits at a much reduced penalty than the penalty applicable to the willful violators.

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Update on the IRS Amnesty Offshore Voluntary Disclosure Program

By Lehman Tax Law |

The Internal Revenue Service announces the Offshore Voluntary Disclosure Program will terminate on September 28, 2018. Last chance to act. American citizens and residents often have placed funds in “foreign bank accounts” in banks all over the world. There is a requirement that all of these foreign bank accounts be reported to the United… Read More »

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Handling Offshore Voluntary Disclosure and IRS Streamlined Cases

By Lehman Tax Law |

How do I request pre clearance before I submit any offshore voluntary disclosure to the IRS? For the OVDP, pre clearance may be requested as follows: 1. Taxpayers or representatives send a facsimile to the IRS – Criminal Investigation Lead Development Center (LDC) with: (a) Identifying information (name, date of birth, social security number… Read More »

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