The Internal Revenue Service (IRS) announced on March 13, 2018 that it will be ending the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. If you have an undisclosed foreign bank account, contact McMahon & Associates to learn how to come into compliance with the IRS.
Category: FBAR
In a recent interview with Massachusetts Lawyers Weekly In House Counsel, D. Sean McMahon discusses trends in tax law, challenges to the legal profession and how McMahon & Associates assists taxpayers.
Sean McMahon has been named to the 2017 Massachusetts Super Lawyers list in the tax area. He has been named to the list since 2013.
The IRS currently has two categories of the Offshore Voluntary Disclosure Program (OVDP): the regular OVDP program, which will accept any taxpayer not already under investigation, and the easier and less expansive streamlined OVDP program, which is simpler and quicker.
When you need heart surgery, you want a heart surgeon, not your primary care physician. When the IRS comes knocking at your door, you want experienced tax counsel. McMahon & Associates exclusively handles IRS tax disputes. It the IRS is coming after you for an audit, an undeclared foreign bank account or trying to seize your property, you need a tax specialist who knows the IRS inside and out.
Banks and financial institutions around the world are mailing letters to account holders requesting U.S. tax documentation. If you have received a letter similar to this one from your foreign bank, it is because the bank is complying with the Foreign Account Tax Compliance Act or FATCA.
The U.S. Department of Justice reports 18,000 retired U.S. military personnel are living outside the United States. If you are a U.S. taxpayer living outside the United States and you have assets in a foreign bank account, you may need to file an FBAR or other specific foreign asset reporting forms with the Internal Revenue Service (IRS).
If you have an interest in or signature authority over a foreign account and you haven’t disclosed it to the Internal Revenue Service yet, time may be running out before the U.S. government comes calling.
Sean McMahon presented to Kuwaiti professionals and high-income individuals with U.S. tax issues. The presentation included:
In June, the IRS announced new procedures to help U.S. citizens residing overseas, including dual citizens, catch up with tax filing obligations and assist with resolving some issues related to certain foreign retirement plans. While the new procedures become effective September 1, 2012, the IRS has yet to issue more details or specific factors used to determine compliance risk.
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