Donald Trump has proposed to make several tax changes when he enters office in January. It is important to examine the possible tax changes that could result from the new plan so that taxpayers are aware of the potential advantages and disadvantages the new tax plan may give them. Trump’s proposed tax plan consists of […]

When a taxpayer receives a notice from the IRS proposing an additional assessment of tax, the taxpayer can often work administratively with the IRS to resolve the dispute. However, many times, the taxpayer and IRS are not able to come to an agreement.  In those instances, there are four different forums which can be utilized […]

Here is the text of the letter from American Citizens Abroad to the Deputy Assistant Secretary for International Tax Affairs Robert Stack:   August 10, 2016   The Honorable Robert B. Stack Deputy Assistant Secretary for International Tax Affairs United States Department of the Treasury Main Treasury Washington, DC 20220   Dear Secretary Stack:   “Same Country” […]

The Treasury Inspector General for Tax Administration (“TIGTA”) completed an audit of the Offshore Voluntary Disclosure Program (“OVDP”). US citizens are taxed on their worldwide income and must report bank accounts when their aggregate balance exceeds $10,000. The OVDP and other similar programs allow taxpayers a mechanism to come forward and get into compliance with […]

A few weeks ago the world was introduced to one of the largest information leaks ever seen: over 11.5 million documents and 2.6 terabytes of information from the Panamanian law firm Mossack Fonseca went public.  While the leak does not necessarily stamp all those involved with guilty convictions for tax evasion, money laundering, or any […]

Over the past few years, the IRS has increased its attention on offshore bank accounts, earmarking much of its limited budget, staff, and resources towards initiatives such as the Offshore Voluntary Disclosure Program (OVDP) and Swiss Bank Program, and pushing strict compliance of foreign bank and financial account reporting through enforcement measures such as the […]