Offshore Voluntary Disclosure Program
Offshore Voluntary Disclosure Program, also known as OVDP, is a program designed specifically for taxpayers who wish to voluntarily disclosure their foreign assets or investments to the IRS. Originally, OVDP was designed to help aid taxpayers with exposure to foreign...The Ins and Outs of Cryptocurrency
As cryptocurrency continues to make headlines across the nation, the IRS is remaining vigilant about tracking down those who evade paying taxes incurred from online investments. But even though the IRS stresses that those who are using virtual currencies as “real”...Foreign Accounts? Know Your Taxpayer Obligations
Foreign Bank Account Report, or more commonly known as FBAR, originally started as part of the Bank of Secrecy Act in 1970. It was designed to strongly discourage and help prevent tax evasion. But what is FBAR, exactly, and what does it mean for you? FBAR is a...Virtual Investments and the IRS
On March 23, 2018, the IRS announced that it was cracking down on online currency investments. Much like any other type of property income, Bitcoin, Etherum, and other virtual currencies involve income taxable by law. In February 2018, the IRS forced the largest of...FIRPTA Withholding
Are you buying or selling real property in Hawaii? If so, are you familiar with the tax rules known as FIRPTA? That’s the Foreign Investment in Real Property Tax Act of 1980. It was designed to guarantee that federal income tax liability arising from the gains of...Thanks For Visiting
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