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...
On behalf of Goldburd McCone LLP | Sep 12, 2016 | FATA, FBAR, International Tax Law
The Foreign Account Tax Compliance Act, or FATCA, has major implications for people with dual citizenship in Israel and the United States. Under FATCA, foreign financial institutions are to provide account information for taxpayers holding more than $50,000 in foreign...
On behalf of Goldburd McCone LLP | Aug 30, 2016 | International Tax Law
If you have foreign bank accounts, you are probably already aware of how important it is to report these accounts to the U.S. Government. Under the Bank Secrecy Act (BSA), any United States person (citizen or resident) who has a financial interest in or signature...
On behalf of Goldburd McCone LLP | Aug 4, 2016 | International Tax Law, Tax Audits
The IRS has devoted fewer resources to auditing business taxpayers in recent years. While this fact is cold comfort to any company that has endured or is enduring IRS scrutiny, the fact remains that the IRS has not devoted the time or personnel to business audits that...
