Richard S. Lehman ATTORNEY AT LAW - Central to the firm’s philosophy is the recognition that the tax laws do not exist in a vacuum. Legal and other professional disciplines often need to be woven together to assure a successful outcome. Consequently, the firm is regularly approached by and often works with the finest professionals in many areas of the law and the business world to untangle complex tax situations that require its specialized expertise.
Friday, August 3, 2012
IRS is aware of how much taxation is not being collected because of overseas bank accounts and transactions that have not been included in Americans income tax. Simply not reporting has serious consequences.
The IRS is making major push to make sure this is curbed. The IRS now has a several pronged approach to the full disclosure issue when it comes to Americans doing business around the world.
Americans as of last year have had to disclose all of their foreign assets to the I.R.S. and soon Foreign banks, and foreign institutions must soon report on U.S. accounts or the banks will force large U.S. taxes. Furthermore, since last year Americans had to disclose their interests in foreign assets. The foreign institutions are already gearing up for this.