Have you received a letter from your foreign bank requesting that you complete a Form W-9? If so, your foreign bank is preparing to forward your account information to the IRS to comply with the Foreign Account Tax Compliance Act ("FATCA"). In short, our law firm provides solutions for non-compliant foreign accounts.
If you have a foreign account that will be reported to the IRS under FATCA in 2016, it is important that you get back into compliance before your foreign account is reported to the IRS. Self-reporting before the IRS obtains information about your foreign account gives you strategic options for resolving your non-compliance.
The IRS is currently offering a Streamlined Program for resolving non-compliant accounts. Under the Streamlined Program, certain participants residing abroad may pay NO PENALTY while others residing in the U.S. receive a NOMINAL PENALTY.
Our law firm has been keeping you informed of the latest Foreign Account Tax Compliance Act ("FATCA") news since 2011. We have been providing solutions for non-compliant foreign accounts for more than a decade.
We represent clients who reside inside and outside of the U.S. Face-to-face meetings are NOT required. For a free telephone consultation, please call Teig at 305-576-4242.
The IRS is encouraging any U.S. citizens or companies that may have money in offshore accounts to make a voluntary disclosure before any possible illegal activity is identified.
As part of our mission to keep our readers informed, we have a set up a new page to track the latest news concerning the Bahamas Leaks & Panama Papers .
If you have reason to believe that you may have been impacted by a data leak or if you simply have a non-compliant foreign account, please contact Teig to schedule an initial consultation at 305-576-4242.
October 2, 2015 - IRS Begins Reciprocal Automatic Exchange of Tax Information under Intergovernmental Agreements (FATCA)
IRS Commissioner Koskinen noted: "This groundbreaking effort has fundamentally altered our relationship with tax authorities around the world, giving us all a much stronger hand in fighting illegal tax avoidance and leveling the playing field."
The IRS has not revealed country names. However, both Australia and Canada have said that they shared information with the IRS regarding U.S. held accounts within their borders by the September 30, 2015 deadline.
IRS announces changes to the Voluntary Disclosure Program Effective July 1, 2014.
If you have a non-compliant offshore account arising out of NON-WILLFUL conduct, IRS changes to the voluntary disclosure program may reduce or eliminate the penalties you pay to get back into compliance with U.S. tax law.
For U.S. taxpayers residing overseas, the new program changes are welcome change for the better. The process is much less costly and burdensome.
If you have a non-compliant account arising out of WILLFUL conduct, you should immediately seek the advice of a tax attorney handling a large number of voluntary disclosure cases. Getting to the IRS before the IRS gets to you may significantly reduce your exposure to criminal sanctions, penalties, and professional fees.
Call Teig for a consultation NOW at:
Office 305-576-4242 (7 am to 5 pm EST)
Cell 954-610-3029 (5 pm to 10 pm EST)
Offshore Voluntary Disclosures
Over 90 percent of our practice is dedicated to offshore compliance issues. Our attorneys handle a wide variety of cases ranging from very large complex cases to relatively small simple cases.
We have successfully represented clients in all five of the offshore voluntary disclosure programs offered by the IRS. We are currently working with new cases in the sixth program known as the 2014 OVDP. A short history of the offshore voluntary disclosure programs is set forth below:
2003 OVCI - The first offshore voluntary disclosure program offered by the IRS was a mere footnote on the back page of the newspaper. The program had approximately 1,500 participants nationwide. We successfully represented several clients in this program.
2004 LCCI - When the 2003 OVCI program ended, the IRS offered the LCCI program to account holders whose offshore credit card accounts were uncovered by the IRS. We successfully represented several clients in this program.
2009 OVDP - In 2008, the DOJ and the IRS successfully cracked bank secrecy with thier combined efforts against UBS. The push by the U.S. government opened up the flood gates as approximately 18,000 account holders participated in this program. We successfully represented numerous clients in this program.
2011 OVDI - When the 2009 OVDP closed and pressure against other banks ramped up, another 15,000 account holders came forward. We successfully represented numerous clients in this program.
2012 OVDP - When the 2011 OVDI program closed and the pressure expanded to eleven different banks under investigation, the IRS opened the door again. We are currently representing numerous clients in this program.
There is no substitute for experience when it comes to dealing with the IRS.
Call 305-576-4242 to speak with Teig Lawrence regarding your Offshore Account.