tag:blogger.com,1999:blog-1519969502186924526.post5251252288525481972..comments2023-10-24T08:00:53.865-05:00Comments on Federal Tax Crimes: Daugerdas Retrial Jury Instructions - Part 01 Reasonable Doubt (11/12/13)Jack Townsendhttp://www.blogger.com/profile/14469823736335455874noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-1519969502186924526.post-87794370979354295062014-05-22T12:00:09.216-05:002014-05-22T12:00:09.216-05:00I believe I mentioned this in the narrative, but m...I believe I mentioned this in the narrative, but my agent informed me that had I not applied for the Streamlined we could have actually closed sooner as the agent was willing to accept my opt out arguments and not apply any penalties. The agent expected a quicker response from the regular opt out committee. By applying to the Streamlined, I had to wait behind many other people so the terms and conditions of the Streamlined Program could be applied to me. I applied to Streamlined, because if accepted, I was assured of no penalties. As my agent could not tell me before I wrote my opt out letter what the agent's view was, I decided to take the safest route.<br /><br />Don't forget that if you opt out, some of those taxes owed in OVDI will go away if your client was filing. In my case, some of the years were already closed and were not reopened outside of OVDI. I had the taxes I paid in OVDI for those years refunded to me. If there are PFICs they will have to be recalculated using the 1291 method. While that may come out with less tax if your client has not been selling them, warn your client that he or she will likely be creamed with taxes on them when they sell. It might be worth doing some kind of estimate for them. That is the downside if you have PFICs and opt out.anon5percentnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-26583174078972032542014-05-22T10:54:04.193-05:002014-05-22T10:54:04.193-05:00anon5percent & Jack, I think anon5percent'...anon5percent & Jack, I think anon5percent's reasonable cause letter is brilliant. I read Moby's OPT out letter (which includes his reasonable causes) & the Exhibit "S" TAO issued by TAS for JustMe, and anon5percent has elements of both. I am adapting it to my use. The only hiccup for me is that I don't have the case where it would be a streamlined Opt Out program per Notice 2012-65 (I have $21000 in unpaid taxes from just one foreign account), and a 3520 inheritance form. Also, one late filed FBAR for 2011, outside of the OVDI period. So it's a little tricky. But thanks for making this available. I believe anon5percent really, summarized everything both from IRM, IRS websites (Fact Sheet), FBAR mitigation guidelines, and Section 6664. Whew!!! I'll let you know how it turns out.Milan Madhani, CPAhttp://www.vimlantax.comnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-51541950019964730432014-05-21T21:14:56.713-05:002014-05-21T21:14:56.713-05:00I posted my documents so that readers could see wh...I posted my documents so that readers could see what worked for me and evaluate if any of it applied to their situation and use it how they see fit. There is very little information available for those who wish to opt out. Fear drives the decisions of many benign actors in OVDI and I hoped to dispel some of that fear by sharing. I think Moby, Sally, Just Me and ij felt similarly. Please steal with pride from the documents and adapt whatever you take to fit your case as you think is best.anon5percentnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-28742400162998230202014-05-21T19:44:39.234-05:002014-05-21T19:44:39.234-05:00I think anon5percent posted them so that readers c...I think anon5percent posted them so that readers could learn and use it in their case, subject to changes to fit the facts and the nuances of the case. The latter is absolutely critical. Make that letter your letter addressing your facts.<br /><br />Best,<br /><br />Jack TownsendJack Townsendhttp://www.tjtaxlaw.com/noreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-63781431925935070482014-05-21T15:21:19.323-05:002014-05-21T15:21:19.323-05:00I have teh same situation. I think the best would ...I have teh same situation. I think the best would be to Opt Out. The 3520 penalty is almost never applied. The 3520 is an even more rare form than the FBAR.Milan Madhani, CPAhttp://www.vimlantax.comnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-29295277811385477602014-05-21T13:16:37.774-05:002014-05-21T13:16:37.774-05:00What is the protocol of being able to use anon5per...What is the protocol of being able to use anon5percent's reasonable cause letter as a template for current OVDI Opt Out cases?Milan Madhani, CPAhttp://www.vimlantax.comnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-56464170289051861122014-05-21T12:40:24.716-05:002014-05-21T12:40:24.716-05:00anon5percent, would it be okay to use some your re...anon5percent, would it be okay to use some your reasonable cause letter as a template? I find that you have summarized quite a few good portions of the IRM & the reasonable causes by Moby in his OPT out. I am in the midst of an OPT Out For a client.Milan Madhani, CPAnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-31126998032315543892013-12-17T07:02:47.785-06:002013-12-17T07:02:47.785-06:00Nice post, Can you give me some more details about...Nice post, Can you give me some more details about Energy Audits Rochester NY.Energy audits rochester NYhttp://www.sparksmonroe.com/duct_cleaning.phpnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-52460682536727508622013-11-14T11:22:59.624-06:002013-11-14T11:22:59.624-06:00Thanks Swiss Techie for sharing the article.
I no...Thanks Swiss Techie for sharing the article.<br /><br />I noticed there would be a fine of $100 per violation. What a joke. That's about twice the fine for staying five minutes at an expired parking meter.<br /><br />"What American has a bank account in<br />Bolivia? What American has a bank account in Colombia?"<br />Of course the US wants reciprocity only from countries where US persons would put their money (Switzerland, Canada) but with countries from which deposits come (Mexico, Bolivia, Venezuela, Russia and other ex-USSR.)<br /><br /><br />Then there's the concern of someone from these countries being kidnapped if his wealth becomes known. What about dual citizens of these countries who live in the US but go to their birth country for a visit? Aren't we at risk especially after sending FBAR info over the web?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-91033645176137505142013-11-12T23:43:59.098-06:002013-11-12T23:43:59.098-06:00Swiss follow Swiss laws, not the crimes of America...Swiss follow Swiss laws, not the crimes of American extraterritorial bullies.<br /><br /><br /><br />The US is really wasting its time by harrassing a tiny nation with such extraterritorial abuse and misuse. Instead, it needs to focus on providing the world with reciprocity so that it will stop being a hypocritical bigot.<br /><br />Notice in the following article that the American lovers of tax evasion refuse to report the finances of dual citizens living in America to the other nation of their citizenship:<br /><br />Bankers' lawsuit jeopardizes U.S. tax dodger crackdown -lawyers<br />http://in.reuters.com/article/2013/11/12/usa-bank-fatca-idINL2N0IX10S20131112<br /><br /><br />Please, Jack, stop defending the American love for tax evasion and condemn your nation for opposing reciprocity. You need to attack your nation for not exporting the finances of its dual citizens even though you realize that such is violation of US federal laws on national origin discrimination. If you don't want to hate your own nation for its faults, then stop supporting American extraterritorial crimes, ok? Leave Switzerland alone and collect the garbage in your own backyard.SwissTechienoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-11863960528840497342013-11-12T23:19:03.189-06:002013-11-12T23:19:03.189-06:00I am the guy that has sued him on behalf of the fo...I am the guy that has sued him on behalf of the football players. I don't think he's done judging by an analogous action against George Calvert that resulted in indictment and conviction. He is leaving his current firm next week.edward rappaportnoreply@blogger.com