Bowman Offshore Bank Transfers on Offshore Tax Problems before and After IRS Closes Offshore Voluntary Disclosure Program
It's not too late to correct your U.S. tax filing compliance errors related to offshore holdings, but time is quickly running out. On March 13, 2018, the Internal Revenue Service announced that the Offshore Voluntary Disclosure Program (OVDP) started in March 2009 will finally come to a close on September 28, 2018. After that date, taxpayers with noncompliant foreign financial matters must resort to other programs, other traditional procedures and new procedures to be announced by the IRS for dealing with undisclosed offshore accounts and holdings.
Qualifying for the OVDP
In order to qualify for the soon-to-expire OVDP, a U.S. taxpayer on or before September 28, 2018, must make a complete disclosure to the IRS. This will require that a complete Offshore Voluntary Disclosure conforming to certain requirements is received or postmarked by September 28, 2018. The disclosure may not be "partial, incomplete or placeholder submission."
On or before September 28, 2018, a taxpayer seeking admission to the OVDP must provide the following:
The Offshore Voluntary Disclosure Letter and attachments. This submission includes the following information:
- Taxpayer identifying information (name, address, SSN, date of birth, passport number, occupation)
- Bank names, name on account, account numbers
- Identification of the source of funds in the account
- Whether the account records are "susceptible to being turned over to the U.S. government pursuant to an official request"
- Whether there has been an objection to the official request and if so was the U.S. given notice of the objection?
- Whether the taxpayer or "any related entities" are under IRS audit or criminal investigation by the IRS "or any other enforcement authority"
- Whether the taxpayer believes that the IRS has obtained information regarding the tax liability at issue
- An estimate of the highest aggregate value of the offshore accounts
- An estimate of the total unreported income from the offshore account
For each disclosed account:
- The name and address of the financial institution
- The open and closing dates
- The names of the persons who advised or assisted in the opening of the account and an explanation of the communications with those people
- Whether those persons met or called the taxpayer in the U.S.
- Whether anyone suggested the use of entities or particular foreign countries to avoid disclosure of the ownership of the account
- Whether anyone suggested surreptitious means for communicating with the bank
- Did anyone suggest moving the funds in the account to another bank or a different country?
- How were funds in the account accessed?
- Were funds moved to the U.S.?
- The names of all the persons and entities "affiliated" with the account
Do Not Delay Filing
Many times in the past, a taxpayer has made an incomplete OVDP application to the IRS in order to meet some perceived deadline. For instance, if concerned that the IRS would receive information about the taxpayer's specific noncompliance, the taxpayer may have made a "quickie" disclosure providing some but not all required information. Historically the IRS has been very flexible in granting extensions to a taxpayer to provide the balance of the required information. With these new requirements of a "complete" disclosure by September 28, the flexibility appears to have evaporated.
Securing "complete" information to make a "complete" disclosure is not easy. Foreign banks, especially small institutions, are not quick to react to a request for information. Closed accounts will receive even slower consideration. Accordingly, if a disclosure is anticipated, the search for bank records should start immediately.
What happens if information is incomplete? Guidance has not been provided, but it is possible that "substantial" completeness may be sufficient. Perhaps disclosure of the name of the financial institution, location, owner of record, estimated date of opening and closing, and a reasonable estimate of highest balances may suffice where it can be demonstrated that a real but unsuccessful effort was made to timely secure account information.
Note: "Substantial" completeness, to be acceptable by the IRS, means that accounts that should have been obvious to the taxpayer are not omitted. The omission of an account that the taxpayer recently accessed or transferred to another bank will likely be looked upon unfavorably.
Missing the Deadline Is Not Fatal
Should a taxpayer with offshore compliance issues not meet the September 28, 2018, deadline, other alternatives may be available to resolve the problem.
The IRS has announced that the Streamlined Filing Compliance Procedures (the "Streamlined Procedures") and the Delinquent International Information Return Submission Procedures will remain available after the September 28 deadline. That means that the existing programs for filing delinquent Report of Foreign Bank and Financial Accounts (FBAR) and other international information returns remain available and a penalty-free filing can be made under certain circumstances. Streamlined Procedures for U.S. taxpayers residing in and outside the United States are available, permitting the filing of income tax returns for only three years and FBARs for six years with either a 5 percent or no penalty. However, taxpayers participating in the Streamlined Procedures must have a situation which permits them to file, under penalties of perjury, a certification that their tax compliance errors were not willful. Any individual who meets that qualification would ordinarily not want to participate in the 2014 OVDP, in most events.
The 2014 OVDP provides many benefits, including an assurance of no criminal prosecution. However, that assurance comes with a significant price, including the payment of a penalty of between 27.5 percent and 50 percent of the highest value of offshore accounts which were undisclosed. In addition, a participant in the 2014 OVDP must file eight years' worth of amended income tax returns and pay the tax, a 20 percent accuracy-related penalty and interest. Also, FBARs and other foreign financial reports are required for the previous eight years. This can be a very heavy price to pay, but is an excellent resolution for someone who has engaged in willful or criminal conduct. Those individuals who have not engaged in willful or criminal conduct would rarely want to utilize the "benefits" of the 2014 OVDP and would opt for the Streamlined Procedures.
As stated, the IRS has reported that the existing Streamlined Procedures will remain in effect. In addition, the IRS has stated it will issue new guidelines for dealing with undisclosed foreign accounts. In the past, the IRS has refined the then-existing OVDP. For instance, the Miscellaneous Offshore Penalty (on the highest value of noncompliant accounts) started at 20 percent in 2009, was escalated to 25 percent, then 27.5 percent with a 50 percent penalty for accounts related to certain "bad" banks. It is unlikely that any new program will simply increase the penalty. Any new initiative may well include many new components and certainly a much higher financial cost.
Aside from the potential new programs that will be forthcoming, taxpayers who do not qualify for the Streamlined Procedures may still make a voluntary disclosure provided their income is from legal sources and the taxpayer has not been contacted by the IRS. The voluntary disclosure will be a major factor in whether the Department of Justice (DOJ) decides to bring criminal proceedings. Historically, individuals making a truthful, complete and accurate voluntary disclosure are not criminally prosecuted; however, they do face the prospect of significant civil penalties including the potential for a civil fraud penalty and large FBAR penalties. Nonetheless, the prospect of eliminating the likelihood of criminal prosecution makes the traditional voluntary disclosure program very attractive for certain taxpayers.
New Means and Methods for the IRS to Secure Information of Offshore Accounts
The IRS announced that it was stopping the 2014 Voluntary Disclosure Program in part because the number of individuals applying to the program has steadily declined. In addition, the IRS stated that it is receiving very significant information about taxpayers with respect to information received under the Foreign Account Tax Compliance Act (FATCA), the network of intergovernmental agreements between the U.S. and partner jurisdictions, automatic third-party account reporting and other data-rich sources, such as the DOJ Swiss Bank Program and various John Doe summonses. This information is used to initiate examinations and investigations of noncompliant taxpayers. For instance, the IRS/DOJ continues to negotiate settlements with numerous financial institutions including Swiss and Israeli banks. For example, Bank Hapoalim is in the midst of negotiating a settlement with the DOJ that will likely include the disclosure of U.S. customer account information.
In addition, the IRS has recently been issuing letters to taxpayers who started the Offshore Voluntary Disclosure process and stopped for some undisclosed reason. Those taxpayers are being asked to make a submission under the Streamlined Procedures, file amended returns or explain why they are compliant with IRS laws. It is interesting to note that the IRS in these recent letters to taxpayers did not offer the opportunity to reapply for the OVDP.
International Financial Securities Regulatory Commission: Registration and Qualification
Both broker-dealer (BD) firms and individuals must be registered with FINRA to conduct securities transactions and business with the investing public. Firms must meet certain membership standards to attain registration.
To become registered, securities professionals are required to pass qualification exams to demonstrate competence in their particular securities activities. The information below can help guide you through the membership and registration process.
Broker-Dealer Registration
You can find FINRA’s membership requirements for BD firms in the NASD Rule 1010 Series. This outlines the standards and procedural guidelines for the BD membership application and registration process.
Funding portal members are subject to FINRA regulatory oversight and reporting requirements. Learn about the funding portal membership application and registration process.
Individual Registration
Firms must register any person engaged in the securities business of the firm – including salespersons, branch managers, department supervisors, partners, officers and directors – before they can take a qualification exam.
Web CRD
Firms and securities professionals are registered on FINRA’s Web CRD (Central Registration Depository), the central licensing and registration system for the U.S. securities industry and its regulators
Qualification Exams
These exams cover a broad range of subjects on the markets, and the securities industry and its regulatory structure. They ensure that securities professionals acquire a minimum level of understanding and expertise.
Once registered, you are required to take continuing education (CE) programs within 120 days after the second anniversary of your initial securities registration. CE consists of regulatory, ethical and supervisory training.
The International Financial Securities Regulatory Commission was established to promote investor confidence in the securities and capital markets by providing more structure and government oversight.
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Woo Sports Press
Surf Expo 2014
"Surf Expo - Stuff we like - Woo" via SBC Kiteboarder
"Some great new accessories at Surf Expo. Check out this very small action sports motion sensor called the WOO. It's tiny and clips easily to any board. Its tracks your jump height and wirelessly transmits the info via Bluetooth to any iOS device like an iPhone. The WOO also tracks your airtime and G-Forces when you land. The WOO App lets you share your results with riders worldwide."
“Woo, l'outil pour connaîte votre hauteur !” via KitePlus
"Le Woo est l'outil idéal pour ceux qui aiment s'envoyer en l'air. Il est parfait pour toutes les personnes qui font des sports d'action. Il permet de capter votre mouvement et visualiser votre expérience. Il y a juste a mettre le boitier et c'est parti !"
“WOO – Système de tracking pour vos session Kite – mesure la hauteur, temps en l’air (air time) et accélération.” via Gliss Evolution
"Le premier système de tracking de hauteur, temps en l’air (air time) et accélération !"
Techstars Demo Day 2014
"WOO! Kiteboarders Take Off" via VentureFizz
"The unobtrusive device, or, The WOO, (picture below) attaches to a kiteboard (focus is solely on kiteboarding now as they test and work out any flaws) and is able to track specific metrics of the boarder’s performance – providing measurements such as rotation, height, speed & g-force. It’s easy to see the inevitable transition into snowboarding, skiing and virtually any other extreme sport and beyond."
“Whizzy gadgets, IoT devices take the stage at TechStars Boston Demo Day” via Gigaom
“This company takes the GoPro helmet cam concept a step (or ten) further. It’s great to get pictures of what you did, but how about actual proof that you jumped higher or skied faster than the other guy? Woo is attacking that problem with a set of itty-bitty ruggedized motion sensors that will clip onto your sports gear and provide quantifiable data about your airtime, g-forces, bike speed, and what have you.”
“The GPS that tells you to watch for jaywalkers, and four other interesting startups at Techstars Demo Day” via Boston Business Journal
“Boston-based motion sensor device and app startup Woo will allow kiteboarders and snowboarders to say, "Look, I beat you," and prove it.”
“Your scorecard for Techstars Boston Demo Day, April 2014” via BetaBoston
"A motion sensor device for action sports like kiteboarding or snowboarding, along with a companion app, that lets you track your performance and compare it with others. The waterproof device clips onto a board or bike to measure performance — perhaps as a companion or alternative to a GoPro camera. The app can track things like “highest jump” or longest distance traveled in a day on leaderboards."
“Sights & Sounds from Techstars Boston 2014 Demo Day” via BostInno
“WOO is redefining the way action sports are played, viewed and consumed with the first-ever onboard motion sensor device and app experience. The startup offers a tiny, waterproof and ruggedized motion sensor that clips on to your gear and measures performance in action sports.”
“How Techstars Affirms Today's Top Technological Trends” via ReadWrite
“Take Woo Sports, for example, which makes a data-capturing gadget for extreme sports athletes. You can clip a Woo device onto something like a snowboard or kiteboard and it will track how fast you go and how high you jump. It then transfers the data to a smartphone, and from there, to the cloud, where it’s crunched and analyzed.”
“TechStars Demo Day Boston” via VentureFizz
“WOO, currently focused on kiteboarding, is quantifying action sports. The unobtrusive device that attaches to the board allows you to measure things like g-force and the height of your jump. No more debates among friends on who had the better airtime. Sentiment in the room was these guys are a perfect partner for GoPro.”
“The Power of … WOO!” via TyDanco.com
"The WOO is a tiny piece of hardware that attaches to a kiteboard, a snowboard, skis, a BMX bike, a luge, almost any piece of extreme sports gear you can think of, and blow your mind with data."
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The Koyal Group Tokyo Online Info Mag: Arbeitslosen-Ansprüche Sprung blinkt US Herunterfahren Warnung: Wirtschaft
US Erwerbslosen Leistungsanträge sprang letzte Woche auf die höchste Stufe in sechs Monaten bietet die erste statistische Warnung, das der Schaden von der partiellen Eidgenössischen Shutdown zu kräuseln durch die Wirtschaft ab.
Während die Hälfte der Anstieg aus Kalifornien kamen, wie der Staat durchgearbeitet ein Rückstand, der nach einem Schalter in Computer systemen, eine weitere 15.000 reflektiert den Urlaub der nicht-Federal Arbeitnehmer gegen Arbeitgeber, die Regierungsgeschäfte zu verlieren, ein Arbeitsministerium-Sprecher erklärte, wie die Daten an die Presse veröffentlicht wurde. Anwendungen (INJCJC) für die Arbeitslosigkeit, die Versicherungsleistungen von 66.000 in der Woche Ende Okt. 5, 374.000, das beste seit Ende März stieg zeigte Figuren aus der Abteilung heute in Washington.
"Die wirtschaftlichen Kosten für ein Herunterfahren sind, desto mehr tritt das Herunterfahren, zu erhöhen", sagte Ryan Sweet, ein leitender Ökonom bei Moody's Analytics Inc. in West Chester (Pennsylvania) und die zweitbeste Ansprüche Forecaster in den letzten zwei Jahren, nach Daten von Bloomberg. "Wenn dies für die nächsten paar Wochen schleppt, der wirtschaftliche Schaden umso bedeutender werden."
Aktien-Sprung
Der Standard & Poor's 500 Index sprang um 2,2 Prozent auf 1,692.56 Ende in New York, die größte Rallye seit Januar. Die Obama-Administration unterstützt eine kurzfristige in an die Schulden-Grenze, die keine Versicherungsbedingungen angefügt, signalisieren Unterstützung für ein Haus republikanischen Plan hätte.
Sonstige Neuigkeiten zeigte heute der weltweit drittgrößte Volkswirtschaft Stärkung war. Befehle für die in Japan sprang im August auf den höchsten Stand seit 2008.
Letzte Woche Anstieg der Zahl der Arbeitslosen Forderungen war die größte seit der Zeit nach Superstorm Sandy im November. Die mittlere Prognose 47 Ökonomen Befragten projizierte, eine Steigerung um 311.000 aus der vorherigen Woche 308.000. Die Schätzungen reichten von Forderungen von 304.000 zu 340.000.
Unterschiedliche Auffassungen
Verbraucher runter denn jetzt den Stillstand in Washington lassen sind nicht sie, laut den Ergebnissen des pro Bloomberg Consumer Comfort Index. Die Maßnahme wurde etwas geändert, im Zeitraum Okt. 6 endete.
Während der Regierung Teilweise Herunterfahren Und die Aussicht Auf Einen Standard Kundgebung Weniger Optimistisch Über Wirtschaft Gemacht, Maßnahmen der Persönlichen Finanzen Und Das Kauf Klima Verbessert, der Heutige Bericht Zeigte.
"Upper-End Haushalte, die in der aktuellen Umgebung florieren, zuversichtlich, bleiben", sagte Joseph Brusuelas, ein leitender Ökonom bei Bloomberg LP in New York. Zur gleichen Zeit wenn der Regierung-Konflikt geht weiter, sagte es "wahrscheinlich eine Delle in Stimmung und Unternehmen Vertrauen der Verbraucher in den kommenden Wochen packt" er.
Daten verzögert
Während die Ansprüche-Daten weiterhin freigegeben werden, ist der Verfall des Mittel das Arbeitsministerium September Beschäftigungsbericht und andere Regierung Datenveröffentlichungen verzögert. Gehaltslisten wurden voraussichtlich um 180.000 im vergangenen Monat ansteigen, basierend auf den Median, die Prognose in einer Bloomberg-Umfrage von 169.000 im August. Erste Arbeitslose Forderungen spiegeln pro Entlassungen und normalerweise schwinden vor Jobwachstum beschleunigen kann.
"Ansprüche seit einiger Zeit verzerrt werden dürften", sagte Scott Brown, Chefökonom bei Raymond James & Associates Inc. in Saint Petersburg, Florida. "Private Firmen sind wieder verstärkt. Angesichts die Unsicherheit, dürften sie zu mieten."
Bundesrepublik Contractors
Lockheed Martin Corp. (LMT), der Oberen Bundes Auftragnehmer Hatte Geplant, 3.000 Menschen Urlaub, Obwohl es Reduziert Urlaubssperre von Über 20 Prozent Nach Das Pentagon Okt. 5 die Meisten Zivilen Mitarbeiter Geschickt, Sagte Startseite Beim Partiellen Eidgenössischen Herunterfahren Wird Gestellt Zurück Zur Arbeit. Der Lockheed-Mitarbeiter Noch Beurlaubt Wird Arbeiten Nur 300 Auf Militärische Programm.
Die Obama-Administration, Weltmarktführer und Ökonomen warnen, dass Verstöße gegen die Schuldenobergrenze katastrophale Folgen für die Wirtschaft hätte, die rund um den Globus welligkeit würde.
"Die Auswirkungen der Nichterfüllung die Rückzahlungsfähigkeit wären sofort spüren zu potenziell größeren Störungen an den Finanzmärkten, sowohl in den USA und im Ausland," International Monetary Fund-Chefökonom Olivier Blanchard, sagte bei einer Pressekonferenz erklärt diese Woche.
The Bean Group, International Real Estate Group: Massachusetts Homes for Sale
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