The IRS has a contingency plan in place, the Lapsed Appropriations Contingency Plan (‘contingency plan’), in preparation for the US government shutdown which is currently occurring. The 120-page document details what areas of the IRS will shut down, and what...
Eight years after the Foreign Account Tax Compliance Act (FATCA) was enacted as part of the 2010 Hire Act, the Eastern District of New York has prosecuted an executive of Loyal Bank for wilfully circumventing the reporting requirements of FATCA. The executive,...
United States citizens and other residents of the United States with foreign trusts requiring the annual filing of such forms as Form 3520 and Form 3520-a have been selected by the IRS Large Business and International division (LB&I) for six compliance campaigns....
The Internal Revenue Service has announced the end of the Offshore Voluntary Disclosure Program (OVDP). The deadline for full and final submissions has been announced as 28 September 2018. The OVDP program has been around in one form or another since 2009. It is...
The 2015 enactment of the Fixing America’s Surface Transportation (FAST) Act gave the Internal Revenue Service the authority to start revoking or denying passport applications of taxpayers with ‘seriously delinquent tax debts’. ...
Stunning changes to tax code are underway in the US and are already resetting the global stage for capital investment. Pursuant to the House bill passed on 16 November, on 2 December Senate approved its version of tax reform en route to enactment of the Tax...
