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2012 OVDP FAQ Update

The IRS has just clarified its rules and created a new ‘streamlined’ Offshore Voluntary Disclosure Initiative (OVDI) for smaller cases involving expatriates who failed to properly disclose income. The IRS has not legalized or condoned the soft – disclosure and gives the same warning to …

Israel iBanks: The Next IRS Target?

Matt Drudge has a good one today. The master of juxtaposition posts: Even though I know that Switzerland is no longer a sort of  tax haven – – – that the famed Swiss bank secrecy, anonymity, reluctant to extradite anymore for tax crimes (like the pre – pardon Marc Rich )…it’s all gone. …

International Tax Attorneys Invited To Play Detective

Susannah Nesmith and David Voreacos at Bloomberg/Businessweek have the scoop: “Former UBS AG (UBSN) client Wolfgang Roessel, accused of failing to report more than $11 million in Swiss accounts to the U.S. Internal Revenue Service, will plead guilty and is helping authorities, a prosecutor said. …

Offshore Voluntary Disclosure Initiative

The IRS is working hard to ensure that Americans are unable to “hide” assets overseas. While failing to disclose assets located overseas has always been a violation of the tax code, in recent years the IRS has mounted a serious effort to ensure that all foreign assets are disclosed—and taxed, …

OVDI Attorneys And Audits

“It’s an Audit of your Story”
I get asked all the time in consultations for Offshore Voluntary Disclosure (OVDI) and Audits, though this explanation is applicable in everything we do, “Why should I hire you rather than my CPA? Why don’t I just represent myself?”  I think this question comes …