tag:blogger.com,1999:blog-1519969502186924526.post193293677308740813..comments2023-10-24T08:00:53.865-05:00Comments on Federal Tax Crimes: Tax Notes Article on Practitioner Assessment of Offshore Initiatives (8/15/11)Jack Townsendhttp://www.blogger.com/profile/14469823736335455874noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-1519969502186924526.post-22635611671464364492011-08-22T20:40:18.537-05:002011-08-22T20:40:18.537-05:00To Anonymous August 22, 2011 6:15 PM
I am not su...To Anonymous August 22, 2011 6:15 PM <br /><br />I am not sure precisely which email your post relates to but taking the question on face, you can get counsel by engaging one. I recommend that you ask the accountant who may know attorneys, in your geographical area, who can represent you. Alternatively, you can email me with your geographical area and I will try to identify one or more counsel in the area who practice in the OVDI context.<br /><br />Best,<br /><br />Jack TownsendJack Townsendhttps://www.blogger.com/profile/14469823736335455874noreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-75008518070721117412011-08-22T18:15:35.102-05:002011-08-22T18:15:35.102-05:00Jack,
Thanks for your response. How can I get cou...Jack,<br /><br />Thanks for your response. How can I get counsel? I am working with a CPA and he is not sure!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-63924911247384501342011-08-22T17:33:12.339-05:002011-08-22T17:33:12.339-05:00To Anonoymous August 22, 2011 4:11 PM
I assume y...To Anonoymous August 22, 2011 4:11 PM <br /><br />I assume your "home" is in a foreign country. You would include the penalty base only if it is in some way U.S. tax noncompliant. Thus, had you rented it (you say you did not) and not reported the rental gross income, it would be U.S. tax noncompliant. Also, it is U.S. tax noncompliant if funds from the Indian bank account were U.S. tax noncompliant and were paid against the home in some way (including paying down the mortgage).<br /><br />It would be best to engage counsel on this matter before you take any action on the basis of the above.<br /><br />Best, <br /><br />Jack TownsendJack Townsendhttps://www.blogger.com/profile/14469823736335455874noreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-46963125396631997032011-08-22T16:11:51.094-05:002011-08-22T16:11:51.094-05:00Jack
I really need your advice for my OVDI applic...Jack<br /><br />I really need your advice for my OVDI application<br /><br />I opened an account to take home loan in 2005 and paid the mortgage by transferring funds from the US to Indian bank account...I never rented the home and it produced no income<br /><br />Do I need to include the FMV of the home in penalty calculation? Will the IRS consider my funds used to pay mortgage "tainted" as they were in an unreported bank account.<br /><br />thanks so muchAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-68324742737712642912011-08-20T00:03:30.147-05:002011-08-20T00:03:30.147-05:00"Mastracchio said that in opt-out cases in wh..."Mastracchio said that in opt-out cases in which taxpayers have been able to reach agreements with the agents as to what the settlement amount should be outside the OVDP, the process has been smooth."<br />Any insight into what's turning out to be acceptable amount in non-wilful cases? are ther any memos that IRS agents are following? Are the "usual practices" of the past still valid, or different benchmarks altogether??Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-19273803260670151492011-08-16T10:56:04.260-05:002011-08-16T10:56:04.260-05:00Does the IRS ever read these Tax notes, or take an...Does the IRS ever read these Tax notes, or take any notice of what the Practitioner community says or recommends? It seems to me that it has little impact, but I could be wrong... I am reminded of this from 2009, and did the IRS take notice?? I think not... Please tell me I am wrong..<br /><br />http://www.morganlewis.com/pubs/TaxReport_OffshoreAccounts_21sept10.pdfAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-1535778529916999282011-08-16T06:35:06.694-05:002011-08-16T06:35:06.694-05:00I kind of draw the same conclusions that I have ha...I kind of draw the same conclusions that I have had all along.<br /><br />1. Its a good thing to become compliant and a good thing IRS implemented formal mechanisms to do so although at a high cost.<br /><br />2. For most the prudent thing to do is to join the program and budget for the big penalties while arguing for any mitigation as per the guidelines.<br /><br />3. For the fortunate few and those with very good facts and circumstances coupled with sound legal advice, opt out or quiet disclosure may be a viable alternative although it may have risks involved.<br /><br />4. For those who do nothing and remain undisclosed the future will be very uncertain and risk of discovery is increasing.<br /><br />Anon123Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-68137896153143072112011-08-16T06:18:03.864-05:002011-08-16T06:18:03.864-05:00Does Mr. Mastracchio's comment indicate that t...Does Mr. Mastracchio's comment indicate that there is a possibility that one could get an idea of penalties that might be assessed after opt out irrespective BEFORE taking that irrevocable step ? That would certainly be a help for people deciding whether to opt out. <br /> <br /><br />Jack, do you have any idea how important a data point the IRS considers a wrong Schedule B answer to the foreign account question in deciding whether to accept reasonable cause, deciding willful vs. non willful etc.Anonymousnoreply@blogger.com