by Linda Beale Much of MNEs’ “offshore” (and hence untaxed) cash hoards held onshore The Wall Street Journal, in its editorial pages a great friend to big business and low taxes for same, had a decent front-page article  on the corporate hoard of cash designated as “permanently invested offshore”.  In fact, much of that cash […]

by Linda Beale Offshored Assets still in IRS cross-hairs but new disclosure program available As most who follow the issues are aware, the IRS has been focusing for some time on the foreign bank accounts of US taxpayers.  The big break came when the IRS was able to get some data from UBS, including information […]

by Linda Beale New Program for Offshore Accountscrossposted with Ataxingmatter As I mentioned in earlier posts, the IRS has released information about a new voluntary disclosure program for offshore account holders.  The last program, which closed in October 2009, provided a low penalty of 20% of the highest aggregate balance in offshore accounts for the […]

by Linda Beale Offshore bank accounts–getting riskiercrossposted with Ataxingmatter As I noted in an earlier posting, the IRS has continued its focus on secret offshore bank accounts. Naturally, the media covers this issue for their wealthy readers who are following the IRS’s every action in this matter. See, e.g., Paul Sullivan, Hiding Money Overseas? You’re […]

by Linda Beale Voluntary Disclosure Renewed for Offshore Cheatscrossposted with Ataxingmatter In 2009, the IRS provided a generous voluntary disclosure program for people who had money socked into offshore accounts.  See 2009 Voluntary Disclosure Program, IRS. Ordinarily, the taxes, interest (at 20%), accuracy-related penalty (at 20% of the tax liability) and FBAR penalties –at 50% […]