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News and Events

Archive by Year:2020

IRS to Step Up Audits Targeting High-Income Taxpayers

Posted in News on February 28, 2020

On February 19, 2020, the Internal Revenue Service (IRS) announced that it will be stepping up its efforts to target high-income taxpayers who have failed to file all necessary return forms in prior years. Read More

A Guide on When to Disclose Offshore Bank Accounts

Posted in Offshore Account Update on January 31, 2020

If you have fallen behind on your reporting obligations, then one option you may have is to utilize the IRS’s streamlined filing compliance procedures. There are a number of eligibility criteria, the most-important of which is that your failure to file must have been “non-willful.” If you submit a streamlined filing and the IRS determines that you willfully failed to disclose your offshore bank accounts, then it may initiate an audit and impose full penalties for your disclosure violation.  

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