Category: FATCA

IRS to End Offshore Voluntary Disclosure Program

The Internal Revenue Service (IRS) announced on March 13, 2018 that it will be ending the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. If you have an undisclosed foreign bank account, contact McMahon & Associates to learn how to come into compliance with the IRS.

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Sean McMahon Discusses Tax Trends and Challenges in Interview with Massachusetts Lawyers Weekly

In a recent interview with Massachusetts Lawyers Weekly In House Counsel, D. Sean McMahon discusses trends in tax law, challenges to the legal profession and how McMahon & Associates assists taxpayers.

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Sean McMahon, Eric Rietveld and Elissa Sneider Named to Massachusetts Super Lawyers List

Sean McMahon has been named to the 2017 Massachusetts Super Lawyers list in the tax area. He has been named to the list since 2013.

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IRS Offshore Voluntary Disclosure Program – McMahon & Associates PC

The IRS currently has two categories of the Offshore Voluntary Disclosure Program (OVDP): the regular OVDP program, which will accept any taxpayer not already under investigation, and the easier and less expansive streamlined OVDP program, which is simpler and quicker.

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Introducing McMahon & Associates IRS Tax Attorneys – Video Series

When you need heart surgery, you want a heart surgeon, not your primary care physician. When the IRS comes knocking at your door, you want experienced tax counsel. McMahon & Associates exclusively handles IRS tax disputes. It the IRS is coming after you for an audit, an undeclared foreign bank account or trying to seize your property, you need a tax specialist who knows the IRS inside and out.

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I Just Received a Letter from my Bank about FATCA and my Connection to the U.S.

Banks and financial institutions around the world are mailing letters to account holders requesting U.S. tax documentation. If you have received a letter similar to this one from your foreign bank, it is because the bank is complying with the Foreign Account Tax Compliance Act or FATCA.

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Offshore Voluntary Disclosure Programs Still an Option for US Taxpayers

The Internal Revenue Service (IRS) announced that more than 54,000 taxpayers have participated in offshore disclosure programs since 2009. The programs have collected more than $8 billion in taxes and fees. U.S. taxpayers still have the option to disclose foreign bank accounts under the disclosure programs but time may be running out.

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What Should You Do If You Have An Undisclosed Foreign Bank Account?

If you have an interest in or signature authority over a foreign account and you haven’t disclosed it to the Internal Revenue Service yet, time may be running out before the U.S. government comes calling.

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Sean McMahon Conducts IRS Income Tax and Foreign Asset Reporting Workshop in Kuwait

Sean McMahon presented to Kuwaiti professionals and high-income individuals with U.S. tax issues. The presentation included:

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FATCA Stats

The Foreign Account Tax Compliance Act (FATCA) was enacted by Congress in 2010 as a way to target non-compliance by U.S. taxpayers using foreign accounts. Here are some statistics and numbers related to FATCA’s implementation.

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The information contained in the McMahon & Associates, PC web site is solely for informational purposes and does not create an attorney-client relationship or constitute legal advice. Unsolicited information transmitted electronically to our attorneys via this web site or the Internet is not considered confidential.