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Thursday, January 14, 2021

IRS Hitting Wealthy & Businesses with Huge Penalties

The IRS is hitting wealthy and businesses with huge penalties.  The penalties may be challenged by taxpayers.  The key to penalty relief is demonstrating to the IRS that the taxpayer has “reasonable cause” for their non-compliance.  

Read more . . .


Thursday, June 19, 2014

June 18, 2014 - IRS announces TOUGHER Voluntary Disclosure Program Effective July 1, 2014.

If you have an undeclared offshore account with WILLFUL conduct, you should seriously consider filing a request to participate in the IRS Voluntary Disclosure Program before the new rules take effect on July 1, 2014.  

The timing of your submission to the IRS (pre or post July 1, 2014) may mean the difference between paying a 27.5% penalty or a 50% penalty on the highest aggregate value of your undeclared assets. 

If your conduct was NON-WILLFUL, the new program changes may reduce or eliminate the penalties that you pay altogether.  Likewise, the requirements for getting back into compliance are less burdensome. 

For Americans and others subject to U.S. taxation who reside overseas, the new program changes are a long awaited and welcome change for the better.  

Regardless of your situation, you will be best served to have a consultation prior to July 1, 2014.  Do NOT wait until June 30, 2014 to seek a consultation as there may not be sufficient time to retain an attorney to file a VD submission with the IRS prior to July 1, 2014. 

For a consultation, call Teig NOW at:

Office 305-576-4242  (7am to 5pm EST)

Cell    954-610-3029  (5pm to 10pm EST)


Wednesday, June 4, 2014

June 4, 2014 - IRS Announcing New Voluntary Disclosure Program for Americans Residing Overseas

On June 3, 2014, IRS Commissioner Koskinen announced that the IRS "will soon put forward modifications to the [Voluntary Disclosure & Streamlined] programs currently in place" for U.S. citizens residing overseas.  

The new IRS Commissioner noted that the IRS is well aware that there are many expats who have resided abroad for many years.  The IRS has been considering plans to allow U.S. citizens residing overseas an opportunity to come into compliance without having to pay the type of penalties that are appropriate for U.S. resident taxpayers who were willfully hiding their investments overseas.

We have helped numerous expats get back into compliance with U.S. law.  We intend to create a new low cost fee structure to help Americans residing overseas once the new changes are announced by the IRS.   

We can represent you regardless of where you reside in the world.  No face-to-face meetings are required.  Save time, save money, and get back into compliance without giving up your U.S. citizenship.  

We offer a free 15 minute consultation.  Call Teig at 305-576-4242 or email us to schedule a Skype appointment.


Wednesday, April 10, 2013

April 10, 2013 - Is "Offshore Leaks" the Tipping Point? by Teig Lawrence

For the better part of the past decade, the offshore world has been like an dormant volcano waiting for a massive eruption.   In the past few years, there have been smaller eruptions like the UBS case, but never an event with sufficient force to scare away all of those who reside in the danger zone.  

Conventional wisdom says that those with greater resources are more likely to fortify their positions before retreating from danger.  That being said, “Offshore Leaks” has seemingly hit some of the biggest of the bigs.   

Is the “Offshore Leaks” announcement by the International Consortium of Investigative Journalists the eruption that will make everyone take notice and run for cover?  Only time will tell.    

One thing is certain, the tax havens are fighting a losing battle.   It is not just the global enforcement initiatives,  it is the reality of data generation.   

The age of data generation has made the world, as we know it, fundamentally different from years past.   New data is literally being generated with every keystroke.  It is safe to assume that almost every email, text, fax, telephone number dialed, cell phone activation, airline reservation, internet surf session, credit card purchase, and, banking transaction is being recorded and stored in some fashion.

There are digital footprints everywhere.  Even when they have seemingly been erased, digital footprints often continue to exist in cyber space, on hard drives, or, servers.  The data is the hot lava that will likely burn even the most fortified positions.  

As insightful as George Orwell was, I doubt that he could have ever imagined the world in 2013.  

 


Monday, March 18, 2013

Teig Lawrence Introduces the Offshore Account Enforcement Blog

The mytaxlaw blog will summarize the latest offshore enforcement news on a periodic basis going forward. 

 

 





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