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![]() ![]() This information is not intended to be legal or tax advice nor does it form an attorney-client relationship between us. Remember a blog post or email blast is not a substitution for obtaining personal legal and tax consultation. person who has a financial interest or signature authority over foreign financial accounts whose value topped. Until last year, there was no provision in the ITR form for non-residents not having bank accounts in India, to furnish the details of their foreign bank accounts for receiving refund in such foreign bank accounts. This initiative allows people with undisclosed foreign bank accounts to volunteer this information to the IRS and receive tax amnesty in return. Moskowitz LLP has been working with international tax filing and reporting compliance since 2009 when the OVDP was announced. The FBAR (Report of Foreign Bank and Financial Accounts) form is required of any U.S. Quoting of bank account details in the Income-tax Return (ITR) is a precondition for direct credit of refund in the bank account. If you by any chance did not make a truthful disclosure to the IRS or have not kept up with staying compliant with your foreign reporting or have received an examination letter from the IRS, contact Moskowitz LLP at (415) 394-7200. Overall, this means the world that was once so big is much smaller. Ultimately, the IRS will have access to all United States taxpayers that have financial accounts in foreign banks. However, one of the big reasons why is that since 2013 or so the IRS has sent out thousands of “John Doe” summonses to thousands of foreign bank intuitions and has received hundreds of thousands of documents with United States taxpayers’ foreign account information. There are many reasons why the IRS has decided to move forward with auditing offshore voluntary disclosures and taxpayers who entered the Offshore Voluntary Disclosure Program who failed to stay current with their foreign reporting. Financial Reporting Standards- The Bank has also adopted a new internal audit charter to hale its accounts on a comparable basis with clther central banks. The IRS has concluded that although you made a disclosure, if it was false or in any way not one-hundred percent truthful or you have not continued with foreign reporting compliance, that your disclosure will likely be audited or recent years will begin to be audited, if not already. However, the IRS has determined that many taxpayers are not holding up their end of the bargain. When taxpayers make a voluntary disclosure, each taxpayer essentially promises to stay compliant with their foreign reporting of foreign assets. In July 2019, the Internal Revenue Service (“IRS”) Large Business and International Division announced the next steps after taxpayers made a voluntary disclosure regarding unreported bank accounts or foreign assets. You made an Offshore Voluntary Disclosure, now what?
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