Golding & Golding, A PLC

Standard of Proof for FBAR vs Tax Fraud Offshore Tax Fraud vs Willful FBAR Standard of Proof Standard of Proof for FBAR vs Tax Fraud: The IRS continues to make offshore compliance of foreign accounts, assets, investments, and income a key enforcement priority. While the taint associated with Tax Fraud is bad and the monetary penalties can also tough, the monetary penalties associated with offshore tax fraud pale in comparison to willful FBAR penalties (even…
Average Jail Time For Tax Evasion, Conviction & Prison Sentence Average Jail Time For Tax Evasion The average jail time for tax evasion is 3-5 years. Evading tax is a serious crime, which can result in substantial monetary penalties, jail, or prison. The U.S. government aggressively enforces tax evasion and related matters, such as fraud. Despite the fact that there are thousands of websites online designed to scare you into believing that every little mistake…
Tax Fraud Statute of Limitations and When Does IRS Time Expire? Tax Fraud Statute of Limitations Tax Fraud Statute of Limitations: There are many different statutes that comprise the Internal Revenue Code. The Tax Fraud Statute of Limitations is different from other statutes. The IRS basically has an unlimited time to audit you for civil fraud. The criminal statute is different, but we will focus on civil enforcement. In recent years, the Internal Revenue…
Long-Term Resident & Living in the U.S. Long-Term Resident for Expatriation Definition of a Long-Term Resident for Expatriation: The concept of a Long-Term Resident is a legal term developed by the U.S. Government. A Long-Term Resident (LTR) is a Legal Permanent Resident (LPR) who has been an LPR or Green Card Holder for at least eight (8) of the last 15 years.  A common question we receive is whether the person has to actually…
Foreign Employment Pension Trust Foreign Employment Pension Trusts & Form 3520 Foreign Employment Trusts & Form 3520: When a U.S. person has an interest in a foreign pension, that interest is considered an interest in a foreign trust. While technically foreign pensions are considered trusts, the question of whether they are reportable on Forms 3520/3520-A is still unclear. This is further complicated by the fact that recent Revenue Ruling 2020-17 exempts certain foreign tax-deferred trusts…
  Cryptocurrency Tax Attorney Cryptocurrency Tax Attorney Cryptocurrency Tax Attorney: Cryptocurrency Tax Law is still evolving. When it comes to compliance, Taxpayers may have one or several cryptocurrency tax issues to contend with. Sometimes, it is because the Taxpayer has not properly reported their cryptocurrency transactions, income, capital gains, and dividends to the IRS, and they want to get into tax compliance. Other times, it is because the Taxpayer has already received (or is…
FIRPTA (Foreign Investment in Real Property Act) FIRPTA What is FIRPTA? FIRPTA is the Foreign Investment in Real Property Act. The purpose of FIRPTA is to ensure foreign persons who own U.S. Real Estate Property file the necessary tax documents regarding the sale or transfer of the U.S. property. While foreign persons who sell certain U.S. assets are not subject to capital gain on the sale (subject further to the 183-day rule), the same rules…
Loss of Nationality & Filing Form DS-4070 DS-4079 & Loss of Nationality DS-4079 & Loss of Nationality:When a U.S. citizen is ready to renounce their citizenship, they have a few different options available to them. The most common scenario is when a person is outside the U.S., visits a foreign consulate or embassy, undergoes an “exit” interview and files DS (Department of State) forms: DS-4079 DS-4080 DS-4081 DS-4082, and DS-4083. There are certain…
Certificate of Loss of Nationality DS-4083: What is a Certificate of Loss of Nationality? DS-4083: Certificate of Loss of Nationality: When a U.S. Citizen wants to give up or relinquish/renounce their U.S. Person status, there are various hurdles they have to jump through. Typically, it will involve visiting an embassy/consulate abroad and completing an exit exam or interview — which is considered the expatriating act — as long as the Certificate of Loss of Nationality…