Recommended By: Tom Byers
The IRS and Treasury feel that there is significant abuse by U.S. taxpayers owning/hiding assets overseas without reporting the income earned thereon in their U.S. tax returns. There has long been a requirement to report these assets (once the value of the assets is over certain limits), but additional reporting has recently been enacted, enforcement of the reporting is up, and IRS & Treasury have become VERY aggressive in discovering who these taxpayers are from foreign banks and others. This seems like it should not be a significant concern for most of our clients, but we have found that our clients often do have reporting requirements. In many cases they are not aware of the requirements and have not informed us of their assets overseas. This article discusses the requirements and what to do if assets have gone unreported.
To read the full article from the December 2013 issue of Journal of Accountancy, please click on the link: Article of Interest – What To Do When A Client Has An Undisclosed Foreign Account
Thomas A. Byers, CPA is a Director in the Tax Department of Ellin & Tucker and heads the firm’s Estate Tax Planning and Compliance Group. In addition to working with clients to advise them on tax ramifications of business transactions, he is also responsible for helping clients define their personal and estate tax goals. Tom also develops plans to assist clients in achieving their goals related to building and transferring wealth.