Posts tagged as:

offshore accounts

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 does the IRS mean by a “foreign financial account?”

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

Some people are just sitting on a piece of art, a piece of old land, a gold boullion bar, or something like that. In other words, they have a valuable asset, and it’s located outside the United States, but it’s not producing any income. What’s the deal on that? Do these people have [...]

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