Article by Ajax Dual citizens are required to file a federal income tax return for any tax year in which their gross income is equal to or greater than the standard deduction or relevant exemptions. Gross income includes worldwide income from all sources, even sources outside the United States. In many cases, dual citizens of … Read more
Article by Richard Grigg And the IRS demands to know where all the people foreign accounts are located — it is a crime to keep these foreign bank account secret if they are over $ 10,000.00 in value. For those taxpayers in non-compliance, the IRS ran two offshore voluntary disclosure initiatives (OVDI). The last one … Read more
Article by Lance Wallach February 8, 2011, the IRS 2011 Offshore Voluntary Disclosure Initiative (OVDI) program is a welcome but conditional amnesty allowing taxpayers with foreign accounts to come clean and get into compliance with the IRS. The program runs through Sept. 9, 2011.There’s been discussion of “opting out” of the program to take your … Read more
Article by Lance Wallach Have A Foreign Bank Account? FBAR Deadline is here. Filing deadline for the IRS’s offshore tax amnesty (called the Offshore Voluntary Disclosure Initiative). IF you don’t comply you will get caught.For those with current offshore accounts, the deadline to file the annual Report of Foreign Bank and Financial Accounts (“FBAR”) is … Read more
Article by roni deutch Many people don’t understand the difference between the terms “tax levy” and “tax liens.” Oftentimes they confuse a Notice of Intent to Levy with a Notice of Federal Tax Lien. Although these two terms are both related to the Internal Revenue Service’s (IRS) collection of back tax liabilities, they each represent … Read more