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In Part 3 of the 2014 Offshore Voluntary Disclosure Guide, Tax Attorney Anthony E. Parent discusses the OVDP costs of complying with the various Offshore Programs, including attorney fees, along with some of the risks associated with not disclosing foreign offshore bank accounts to the IRS.
In Part 2 of the 2014 IRSMedic Offshore Voluntary Disclosure Guide, tax attorney Anthony Parent discusses the OVDP process considerations and more specifically, the IRS OVDP FAQs #12-21.
Forgiveness of debt used to be a prime reason struggling taxpayers could be hit a large tax liability, a large liability that may not ever be paid. The good news — that has changed. Now there are new rules to make it possible not to be hit with a massive income tax when you are already broke.
“Barry,” an investment banker in Orange County, California, moved to the US in 1990 and became a full – fledged citizen in 1993. He was a signatory on several of his biggest clients’ foreign bank accounts. Along with his own foreign bank accounts, the …
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