The Internal Revenue Service (IRS) Large Business and International division (LB&I) has announced six additional compliance campaigns for taxpayers. A compliance campaign is a targeted directive on a particular issue; they happen when the IRS determines that there are taxpayer issues that require a response from the agency. When the IRS announces a campaign (or campaigns), it’s…
The clock continues to tick down for taxpayers hoping to take advantage of the Offshore Voluntary Disclosure Program (OVDP). The Internal Revenue Service (IRS) will close the program on September 28: that gives taxpayers just a few more weeks to apply. The IRS launched the OVDP in 2009 to encourage compliance with foreign asset reporting. Structured as…
The Internal Revenue Service (IRS) has announced that Offshore Voluntary Disclosure Program (OVDP) is coming to a close. The program, which has been around in its current form since 2014, will officially end on September 28, 2018.
Taxpayer asks: Hi Kelly, With all the publicity about UBS and foreign bank accounts, I have some concerns that a lot of parents may be sharing… I know you’re a mom too (though your kids are too young for you to have to worry about this right now!) But, if you were in my shoes,…