Tax Law Blog

A one-time campaign advisor to President Donald Trump faced federal heat on 18 counts in a Virginia courtroom.  A major contributor to his woes?  Tax fraud and unreported offshore tax holdings.

Every good thing must come to an end, and the Internal Revenue Service (IRS) Offshore Voluntary Disclosure Program (OVDP) is one of them.

If you have investments in foreign banks or tax havens, the chances are good that you are aware of your offshore reporting obligations.  But if the acronyms FATCA and FBAR have you puzzled, we can help.

To identify and reduce tax evasion through offshore tax accounts, US citizens are required to annually report assets held in foreign bank accounts.  FATCA is a regulation that requires just such a filing.

In early June, the Internal Revenue Service (IRS) took a step toward helping those with late payments associated with the new section 965 transition tax.