International Tax Law Archives

The window is closing to disclose foreign assets under OVDP

Time is running out for taxpayers in the U.S. who have undisclosed foreign assets. The IRS is bringing the Offshore Voluntary Disclosure Program (OVDP) to a close. The program will end on September 28th, 2018. This will bring an end to the third installment of the program, which was reopened due to high levels of interest by taxpayers and tax practitioners in 2014.

Most foreign banks aren't providing accurate FATCA filings

Just about anyone who has a foreign bank account is aware of the importance of reporting these accounts to the U.S. federal government. According to the Bank Secrecy Act, any citizen or resident of the United States with signature authority or financial interest over any financial account in another country with an aggregate value that exceeds $10,000 at any point during the year needs to file a FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR).

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