Tougher Tax Law For Overseas Assets

Tougher Tax Law For Overseas Assets (Dow Jones) A new U.S. law that is part of a crackdown on tax havens means that wealthy clients will be hit with stricter filing requirements next tax season. New rules will result in duplicate reporting for some taxpayers and steep penalties for those who fail to comply. The […]

The Foreign Account Tax Compliance Act of 2009 (Rangel-Baucus Bill)

The Foreign Account Tax Compliance Act of 2009 (Rangel-Baucus Bill) Recent Offshore Tax Haven Legislation Since 2007, numerous attempts have been made at passing targeted tax haven legislation. Although none of these initiatives has progressed in any meaningful way thus far, under the Obama Administration there is a much higher likelihood that this type of […]

ARE YOU AN ACCIDENTAL TAX CHEAT? THE IRS IS LOOKING FOR YOU.

The IRS is currently running a “Voluntary Disclosure Opportunity” that expires October 15, 2009. You have likely heard reference to this amnesty event in the context of allowing those with “secret” offshore accounts (see my other posts on this amateur practice) to report them and get square with the tax man – but there are […]