Nigeria: Nigerian Government Issues Amendments To Order On Voluntary Offshore Assets Regularisation Scheme (VOARS)
Nigeria issues an amendment order for the Voluntary Offshore Assets Regularisation Scheme (VOARS). ... - Continue reading
Category: Offshore Voluntary Disclosure Program
IRS To Close Door On OVDP For Offshore Tax Dodgers
US taxpayers who have failed to declare their offshore money will lose the chance to confess to the Internal Revenue Service later this year. The IRS has announced that the Overseas Voluntary Disclosure Program will close on September 28. In the 10 years the OVDP has run, 56,000 taxpayers have… – Continue reading
Irish Revenue’s Tax Enforcement Work Yields Results
Non-compliance “interventions” by the Irish Revenue yielded EUR492m (USD594m) last year, according to the latest figures published by the tax authority. Revenue has published its preliminary results for 2017. They show that Revenue completed 646,633 compliance interventions during the year. There were 24 criminal convictions for serious tax and duty… – Continue reading
IRS Criminal Investigation chief plans new enforcement programs
The International Revenue Service’s Criminal Investigation unit is readying two new programs focusing on data investigations and international tax enforcement. The data initiative will tie together the information uncovered by the IRS’s field offices around the country with headquarters in Washington, D.C. “We are standing up a nationally coordinated data… – Continue reading
IRS warns of ‘Dirty Dozen’ tax scams
MARTINSBURG — The Internal Revenue Service has started releasing this year’s top 12 scams targeting consumers known as “The Dirty Dozen.” The annually compiled list features a variety of scams the agency says are common and that taxpayers could encounter anytime, but especially during peak filing season. Phishing schemes lead… – Continue reading
IRS Nets $10 Billion FATCA Tax Haul
The US Internal Revenue Service (IRS) has netted more than $10 billion in secret offshore cash and investments. The controversial Foreign Account Tax Compliance Act (FATCA) has encouraged more than 100,000 taxpayers to reveal their overseas holdings. But the IRS suggests this is just the start as FATCA cranks up… – Continue reading
IRS Offshore Voluntary Compliance Tops $10 Billion
As international compliance efforts pass several new milestones, the Internal Revenue Service reminds U.S. taxpayers with undisclosed offshore accounts that they should use existing paths to come into full compliance with their federal tax obligations. Updated data shows 55,800 taxpayers have come into the Offshore Voluntary Disclosure Program (OVDP) to… – Continue reading
IRS Overlooks Noncompliance in Offshore Voluntary Disclosure Program
The Internal Revenue Service is missing out on imposing approximately $21.6 million in penalties on taxpayers who are denied entry or withdraw from its Offshore Voluntary Disclosure Program, according to a new report The report, from the Treasury Inspector General for Tax Administration, found the IRS needs to improve its… – Continue reading
Panama Papers Expose Celebs, Politicians, Billionaires With Offshore Tax Havens Despite FATCA
The Panama Papers–the biggest leak of financial data in history–has blown the lid off offshore tax havens, again. This time, those in the limelight include twelve current or former world leaders, many celebrities, and wealthy persons who are using offshore tax havens to hide their wealth. In scope, this is… – Continue reading
IRS 80- Swiss Banks 0
The formal IRS/Department of Justice (DOJ) Swiss Bank Program has concluded with 80 Swiss banks coming forward. The banks agreed to provide information about personnel, depositors and advisors who were participated in or assisted U.S. taxpayers in offshore tax evasion. In addition to disclosure and cooperation with investigations each of… – Continue reading
Secret accounts overseas urged to be reported
Those who have been hiding their income or wealth overseas had better think again, as Korea will soon be exchanging financial information with multiple countries, including tax havens. They are advised to voluntarily report it to the government before the end of March to be given a grace period, said… – Continue reading
Married Filing Joint Tax Returns? IRS Helps Some Couples With Offshore Accounts
Amazingly, 95% of married people file joint tax returns, making each spouse liable for everything on the return–and anything that might not be on the return. Filing a joint tax return is one of the more dubious perks of being married. Yes, joint filing can be more convenient, and can… – Continue reading
IRS Adds More Foreign Banks To Disclosure Blacklist
The US Internal Revenue Service (IRS) has added more banks to the swelling list of financial institutions involved in tax avoidance. Customers of these banks owning up to past financial indiscretions under the Offshore Voluntary Disclosure Program (OVDP) face penalties based on balances over the past eight years. Penalties for… – Continue reading
