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Per the OVDP FAQ, the 2014 Off Shore Voluntary Disclosure Program closed effective September 28, 2018. The program had been successful in the past, but there had been a significant decline in the number of taxpayers participating in the OVDP as well... Read More

Did you know that the IRS only has a certain number of years to collect on a taxpayer’s debt? This time limit is called the Statute of Limitations. The underlying reason for this policy is the idea that a tax system without... Read More

IRS FORM 3520: GIFTS FROM A FOREIGN PERSON AND FOREIGN TRUSTS If you are a U.S. person who received a foreign gift of money or other property, you may need to report these gifts on Form 3520. This form is known as... Read More

IRS Tax Liens: What You Need to Know An IRS tax lien is the government’s legal claim against your property when you have an overdue tax debt. The lien protects the government’s interest in all your property, including real estate, personal property... Read More

Foreign Trust Reporting Requirements Although there are a myriad of reasons why a U.S. person might create a foreign trust, or have transactions with a foreign trust, they can have tax consequences and result in filing responsibilities as well. Regardless of your... Read More

What is an IRS SEP Audit? If you have or your business has been selected for an IRS audit, it is important to find out information about the auditor, such as whether the auditor is a member of the SEP group. Taxpayers... Read More