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IRS Announces End to Offshore Voluntary Disclosure Program

Update: Further to the post below, we have posted an outline of the penalties taxpayers may face after the below September deadline. Yesterday (Wednesday, March 14th, 2018) the IRS announced that it is ramping down the Offshore Voluntary Disclosure Program (OVDP) and that the program will end on September 28th of this year. This is […]

US Tax Reform: The Fight Begins

On November 2, 2017, the House Ways and Means Committee released the Tax Cuts and Jobs Act (TCJA), which provides details on how the House Republicans have interpreted the Big Six’s Tax Framework that we discussed last month. For how the proposed new US tax reform bill might impact US expats abroad or foreign investors, please see […]

Trump Tax Reform: Estate Tax & Generation Skipping Tax

The White House has released President Trump’s tax reform proposal. As expected (and further to my post earlier this year), the proposal includes an elimination of the Estate Tax and the Generation Skipping Tax. Much has been made about how this will only benefit the “rich”, which may be true as only .2% of all […]

Data and tax lovers: IRS 2016 stats

The IRS has just released its Fiscal Year 2016 (Oct 2015 to Sept 2016) Data book.  For those of you who love data – what can you read behind these facts (hint: less audits)?  At the end of the post, I’ll give you some stats from 100 years ago about US tax rates which you […]

Be Careful What You Wish For – US Estate Tax Reform

A variety of tax reform proposals are currently being considered by Congress and the Trump administration, one of which is the repeal of the US Estate Tax. With a life-time exclusion amount of currently $5.5 million, a married couple (both of whom are US citizens) can pass almost $11 million to their family and friends […]

How likely are you to be audited by the IRS?

We are constantly asked what is the likelihood of a return being audited.  The answer is vague, but generally, less than 1% of all returns are audited.  That said, a higher number of international returns are flagged for audit. Reasons for audits include underpayment, higher income and failure to report a foreign bank account. The […]

Government report indicates another increase in US expatriation

The IRS Commissioner has indicated that funding cuts have resulted in a loss of over 15,000 IRS employees.  Because of this, audits are down by 22% and a resulting loss in revenue to the government of $4 billion a year between 2011 to present, considerably less than the costs the government has saved in budget […]

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