On behalf of Goldburd McCone LLP | Aug 14, 2020 | International Tax Law
United States taxpayers are allowed to have accounts overseas. Offshore accounts are not illegal. What is illegal — failing to report these assets. The Internal Revenue Service (IRS) frowns upon attempts to keep these assets hidden. The failure to properly report...
On behalf of Goldburd McCone LLP | Aug 15, 2019 | International Tax Law
Getting an inheritance can come with certain obligations. In some cases, these obligations can include filing paperwork with the Internal Revenue Service (IRS). But what happens if you do not? The answer depends on the details of the situation. A recent case provides...
On behalf of Goldburd McCone LLP | Aug 8, 2019 | Criminal Tax Issues, International Tax Law, Tax Audits, Tax Collection
Governments are struggling with how to manage virtual currency. The Internal Revenue Service (IRS) and Department of Treasury continue to struggle to find the right way to handle this asset and have taken different stances. Digital currency has similarities to other...
On behalf of Goldburd McCone LLP | May 13, 2019 | Firm News, International Tax Law
Tax Day has passed, but some taxpayers may have missed an important form. In certain situations, the government requires taxpayers to file additional paperwork. One example: foreign accounts. The Internal Revenue Service (IRS) recently published an...
On behalf of Goldburd McCone LLP | Dec 14, 2018 | International Tax Law
The Internal Revenue Service (IRS) recently announced new reporting requirements for United States taxpayers with foreign accounts. The change is in part due to the sunset of the offshore voluntary disclosures program (OVDP). Who can benefit from the new program? The...
On behalf of Goldburd McCone LLP | Aug 23, 2018 | International Tax Law
The rules regarding how the Internal Revenue Service (IRS) can conduct tax audits of partnerships have changed. It is important for business owners to review the rules and have a basic understanding of the impact on their business. In some cases, business owners may...
On behalf of Goldburd McCone LLP | Aug 22, 2018 | International Tax Law
The Internal Revenue Service (IRS) requires taxpayers to report certain foreign assets. This requirement has led to many questions, including what should you do if you have a foreign asset? Can you come into compliance without facing serious penalties? In short yes,...
On behalf of Goldburd McCone LLP | Jul 17, 2018 | International Tax Law
The Internal Revenue Service (IRS) has taken the failure to disclose foreign assets very seriously. Taxpayers that neglect to disclose this information can face serious fines and potential criminal charges. Who needs to file and FBAR? The United States government...
On behalf of Goldburd McCone LLP | Nov 9, 2017 | International Tax Law
Yet another leak has caught the media’s attention. This one primarily focuses on clients of a firm that specialized in aiding the wealthy with asset management. The leak has earned the moniker “The Paradise Papers” due to its connection with offshore accounts in the...
On behalf of Goldburd McCone LLP | Sep 14, 2016 | International Tax Law
As we wrote recently, the Supreme Court of Israel was considering a challenge to the legality of the Foreign Account Tax Compliance Act, or FATCA. FATCA is a U.S. law under which banks and other financial institutions outside the United States are required to report...
