Posts tagged as:

FBAR Amnesty

Audit or amnesty? Make your choice

by Phil Hodgen, Hodgen Law Group PC on June 26, 2009

There’s a lot of ambiguity in the classic case of somebody squirreling away money. In a lot of cases, it’s not so easy to figure out, and the IRS is not coming forward with a lot of guidance because they’re probably trying to figure it out themselves.
One of the situations that’s pretty [...]

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Didn’t file IRS Forms 5471 or 3520? You’re in luck

by Phil Hodgen, Hodgen Law Group PC on June 26, 2009

There’s a little golden ticket in the FAQ the IRS has just published.
This has to do with people who did not file the magic forms disclosing ownership of a foreign corporation (Form 5471) or foreign trust (Form 3520). What if you had no tax due, but you just screwed up on that [...]

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Quiet Disclosure and the IRS Amnesty

by Phil Hodgen, Hodgen Law Group PC on June 26, 2009

If you have:
Offshore bank accounts;
Unreported foreign income;
Foreign corporations you never owned up to; or
Foreign trusts that have money in them; and
Your paperwork wasn’t done correctly, and/or you didn’t pay the tax you should have, then:
This amnesty is for you.
The foreign bank account amnesty closes on September 23, 2009. Go through it, and you’ll clean [...]

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What about the years before 2003?

by Phil Hodgen, Hodgen Law Group PC on June 26, 2009

One of the interesting things about this whole amnesty process is that it covers the years 2003 through 2008. The question that inevitably comes up is, what about the years before 2003?
For instance, let’s say you had a real estate sale in 2002 outside the United States, and you made a big capital gain [...]

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Conference call today with IRS about FBAR

by Phil Hodgen, Hodgen Law Group PC on June 12, 2009

I just got off a 90 minute conference call co-sponsored by the American Bar Association and the AICPA. Some government people were on the call, to explain the FBAR amnesty, the filing requirements, and what’s coming over the horizon.
They’re coming out with a new official IRS publication later in the year. It has [...]

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There’s no such thing as privacy, Chapter 1,245

by Phil Hodgen, Hodgen Law Group PC on June 4, 2009

Here’s an article from Der Spiegel about a convicted criminal in Germany. He’s hoping to buy down his sentence by offering up incriminating private bank information about 2,700 unsuspecting souls. His plan isn’t working quite as well as he had hoped, but what do you bet that the German tax authorities will get their hands [...]

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