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by Phil Hodgen, Hodgen Law Group PC on June 26, 2009
People with off‑shore bank accounts need to make a strategic decision before the amnesty ends on September 23, 2009 on what to do: go through it, or continue to hide. My personal opinion is that secrecy is a doomed strategy: it may work for a while, but it will sooner or later not work. So, [...]
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by Phil Hodgen, Hodgen Law Group PC on June 22, 2009
Let’s say that you’re a U.S. citizen or permanent resident and you’ve been living outside of the U.S. You haven’t filed any tax returns, because your income isn’t high enough. Fine. No problem there. The problem is this: you have a foreign bank account. You didn’t report it. Even if you didn’t need to file [...]
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by Phil Hodgen, Hodgen Law Group PC on June 22, 2009
The IRS has an amnesty right now which allows people with a variety of offshore tax problems to come clean with the IRS at a somewhat painful but probably manageable cost. (At least, the IRS thinks that they hit the right level of pain.) The IRS has two objectives. One is pretty obvious. Uncle Sam [...]
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by Phil Hodgen, Hodgen Law Group PC on June 21, 2009
The purpose of the voluntary disclosure process is to get people who have unreported income and who owe tax. Sometimes people have faithfully reported all of their income — from the United States and abroad — but didn’t file all of the paperwork properly, such as the FBAR. This is the Foreign Bank Account Report, [...]
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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 been [...]
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by Phil Hodgen, Hodgen Law Group PC on June 4, 2009
You have no doubt been hearing a lot about secret bank accounts and the Holy War that the IRS has declared on U.S. taxpayers who have money offshore. So you can understand the amnesty program, here is the IRS memo outlining FBAR Amnesty. I figured it would be good to put out here so there [...]
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by Phil Hodgen, Hodgen Law Group PC on June 4, 2009
Here’s an interesting problem. I think some nonresidents of the United States are now required to file a form with the U.S. government reporting their worldwide bank accounts to Uncle Sam. Read this and tell me what you think. Old Instructions, New Instructions First, go get the new Form TD F 90-22.1. (PDF). This is [...]
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by Phil Hodgen, Hodgen Law Group PC on June 4, 2009
The fallout starts. Apparently 195 Germans confessed to tax evasion. There are 20 uncomfortable Australians. The United States is getting into the act and has a list of 100 American taxpayers they are looking at. Amnesty may be available for these people . How Does The Government Find Offshore Accounts? To summarize the government business [...]
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by Phil Hodgen, Hodgen Law Group PC on June 1, 2009
Let’s say you have an offshore merchant account to process credit card charges. But you’re not reporting the income you’re earning there. Or, you may not be in compliance. Offshore Merchant Accounts Qualify For Amnesty You can use the FBAR amnesty to come clean on this. It is unreported foreign income. The account you have [...]
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by Phil Hodgen, Hodgen Law Group PC on June 1, 2009
Here’s why you need to jump on this opportunity and file for the amnesty. If the IRS has started an examination of your tax affairs, you are not eligible to use the amnesty program to come clean. It doesn’t matter what they’re auditing you for. (Indeed, they might have started something internally and they haven’t [...]
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