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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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by Phil Hodgen, Hodgen Law Group PC on June 26, 2009
One of the questions that comes up from time to time is: what about business accounts?
Specifically, this question applies to U.S. citizens or residents who live overseas and own a business. The business obviously is going to have bank accounts. It may have a merchant account to process credit cards. What if [...]
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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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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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by Phil Hodgen, Hodgen Law Group PC on June 26, 2009
One of the questions that comes up again and again and again is, “I had my money in one account and then I moved it to another account. The IRS is saying that you have to pay 20 percent of the high balance. Do I have to pay 20 percent when it was in the [...]
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by Phil Hodgen, Hodgen Law Group PC on June 26, 2009
Will every owner get tagged with the 20 percent penalty?
This 20 percent penalty, the IRS says, is punishment for all of your sins (i.e. not filing all the forms you should have for the last six years). For these sins they will tag you with a penalty of 20 percent of the highest balance you had [...]
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by Phil Hodgen, Hodgen Law Group PC on June 26, 2009
Here’s the deal.
The amnesty says that you have got to go back six years, all the way from calendar year 2003 forward, and clean up your tax returns, pay some penalties, pay some tax, pay some interest.
Now why the six years? The six years happens to be the amount of time that [...]
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