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While the end of the year is not quite here yet (but rapidly approaching), now is an opportune time to take a moment and start your year-end tax planning for 2018. This is particularly necessary this tax year because of the changes to the tax law that became effective...

Effective September 28, 2018, the IRS is ending the Offshore Voluntary Disclosure Program (OVDP). In order to participate in the OVDP, a taxpayer must make a complete submission by September 28, 2018. OVDP is a voluntary disclosure program specifically designed for...

 If you are a lawful permanent resident or citizen of the United States with loved ones in another country, you may need, at some point, to transfer money to or receive money from them. If the transfer is for a significant amount, whether all at once or in smaller...

Employers, as a matter of course, withhold employment taxes (including Social Security taxes) and income taxes from employees' pay. These withheld funds are held in trust until the person responsible for paying them makes a federal tax deposit of the funds. In order...

U.S. taxpayers seeking to resolve a foreign bank account reporting (FBAR) issue using the IRS' streamlined procedures must certify, under penalty of perjury, that any failure to report income or accounts or pay taxes as required was “non-willful." There has been...

If you have signature authority over a foreign financial account, or any financial interest in such an account, you may be required by the Bank Secrecy Act to file a report (FBAR) with the U.S. Department of Treasury if those accounts exceed certain thresholds....

Regular readers of this blog may remember an earlier post discussing foreign bank and financial account reporting requirements (FBAR). That article discussed two voluntary disclosure programs, the Offshore Voluntary Disclosure Program (OVDP) and the Streamlined...

If you receive stock options as part of your employee compensation package, your company may have provided you with some general tax advice. However, most people require more extensive guidance in order to avoid the tax pitfalls, and seize the tax advantages, that...

Some U.S. taxpayers may have a tax liability they are simply unable to pay, a tax debt for which there is doubt as to liability, or a tax debt for which payment would cause a severe economic hardship. When this happens, the Internal Revenue Service (IRS) can choose to...