On April 2, 2009 the U.S. Treasury rolled out a Voluntary Disclosure program (expiring on September 22, 2009). The goal of this program is to bring into the fold undisclosed foreign bank accounts and with them, a lot of tax revenue. The voluntary disclosure program is confiscatory and will be a tough pill to swallow … Read more
Senior figures from the international banking industry have been meeting with high-ranking officials from within the Obama administration to express their concern over proposals to strengthen the Qualified Intermediary (QI) program. The QI program was established in 2000 to encourage foreign banks to report details of their US clients to the US Internal Revenue Service … Read more
Doing business outside of the U.S.? Have an Offshore bank account or Brokerage Account? Own more than 10% of a foreign country legal entity? (and some rules apply to even lower levels of ownership). The I.R.S. maze of rules and arsenal of penalties is overwhelming; even for CPAs and tax lawyers who work on international … Read more