Many businesses are now considering operations in a foreign country.  There are many issues that should be discussed and processes to be initiated before the decision to move offshore is made. Here are three of the more basic things to think about: 1. Intangible property transfers: Intangibles include customer lists, use of patents  and processes, [...]
The IRS recently released additional information on the 2011 Offshore Voluntary Disclosure Initiative (OVDI) in the form of an update to their Frequently Asked Questions. These additions include: 1. 90 day extension of the deadline beyond August 31, 2011 – Request for extension must include a statement of those items that are missing, the reasons [...]
On Tuesday, February 8th, the Internal Revenue Service announced that it will be offering another chance for taxpayers with foreign accounts to get in compliance with federal tax law. Under the 2011 Offshore Voluntary Disclosure Initiative, taxpayers have until August 31, 2011 to disclose offshore assets and income to the IRS. While the terms of [...]
By Yana Weaver The new IRS amnesty plan is for people who have undisclosed foreign bank and other financial accounts overseas and/or who have unreported income from those accounts. If you fall under the “unreported income” category you will need to talk to an attorney who can guide you through this process. If you need [...]