Penalty of $25,000 for Foreigners with a 25% ownership stake or control of a U.S. legal entity that fail to file Form 5472

July 2019

Form 5472 is an Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a https://www.jdsupra.com/legalnews/penalty-of-25-000-for-foreigners-with-a-36597/

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IRS can Prove that a Taxpayer Under-Reported Income

June 2019

There are Taxpayers that understate income, overstate expenses and present fraudulent claims on their https://www.jdsupra.com/legalnews/irs-can-prove-that-a-taxpayer-under-84163/

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Is your Passport at Risk?

May 2019

Certain US Taxpayers that have been identified by IRS with https://www.jdsupra.com/legalnews/is-your-passport-at-risk-64238/

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IRS: Offshore Financial Accounts will NOT go Unnoticed

May 2019

On March 15, 2019, IRS reported that hiding money or assets in unreported offshore accounts remains on https://www.jdsupra.com/legalnews/irs-offshore-financial-accounts-will-15248/

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El Nudo Corredizo se está Cerrando

May 2019

Ahora que el IRS lleva cuatro años intercambiando datos de FATCA en sus computadoras y se está embarcando en una Campaña de Exactitud de Presentación de FATCA, existe una urgencia https://www.jdsupra.com/legalnews/el-nudo-corredizo-se-esta-cerrando-65241/

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The Noose is Closing

May 2019

Now that IRS has four years of FATCA exchanged data in its computers and is embarking on a FATCA Filing Accuracy Campaign, there is a special urgency for https://www.jdsupra.com/legalnews/the-noose-is-closing-28698/

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IRS Continues to Cross-Reference Foreign Financial Accounts and Assets

April 2019

IRS holds information that is sourced from the FATCA reports submitted by Foreign Financial Institutions (FFI) https://www.jdsupra.com/legalnews/irs-continues-to-cross-reference-19894/

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Financial Institutions and Golden Passports

February 2019

On October 16, 2018, the Organization for Economic Cooperation and Development (OECD) issued guidance to Financial Institutions (FIs) regarding what is known as “Golden Passports”. https://www.jdsupra.com/legalnews/financial-institutions-and-golden-70969/

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Streamlined Filing Program for U.S. Taxpayers Residing Outside of the U.S. continues to be available but can be Discontinued at any time!

February 2019

After the closing of the Offshore Voluntary Disclosure Program (OVDP) – which ended on September 28, 2018, the US Department of Treasury released a https://www.jdsupra.com/legalnews/streamlined-filing-program-for-u-s-19184/

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Disclosing Voluntarily to the IRS to potentially avoid Criminal Prosecution is still an Option for Taxpayers, but with some changes going forward……

February 2019

On September 28, 2018, the IRS closed the Offshore Voluntary Disclosure Program (2014 OVDP).  The 2014 OVDP (and prior 2011 and 2009 programs) had the purpose of https://www.jdsupra.com/legalnews/disclosing-voluntarily-to-the-irs-to-19065/

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Tax News Update for U.S. Taxpayers living Abroad

February 2019

The IRS ability to deny or revoke the Passports of Taxpayers with “seriously delinquent tax debt greater than $50,000” is a distressing problem https://www.jdsupra.com/legalnews/tax-news-update-for-u-s-taxpayers-97716/ 

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¿Es hora de que las Instituciones Financieras Extranjeras contraten Representación ante el IRS?

January 2019

El Oficial Responsable (“RO”) de una Institución Financiera Extranjera Participante (“PFFI”) o una Institución Financiera Extranjera (“FFI”) Modelo 2 de Reporte estuvo obligado a https://www.jdsupra.com/legalnews/es-hora-de-que-las-instituciones-15591/

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