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

D. Sean McMahon Super Lawyers
D. Sean McMahon, Eric Rietveld and Elissa Burton, from the Boston-based tax law firm McMahon & Associates, have been named to the 2017 Massachusetts Super Lawyers and Rising Star lists. Sean McMahon - Massachusetts Super Lawyers List in Tax 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. Sean McMahon specializes in IRS tax disputes, audits, and appeals. He is a former Senior Attorney with the Internal Re...

Justice Department Reaches Final Resolutions Under Swiss Bank Program

Tax investigation
In a press release, the Department of Justice announced that “it has reached final resolutions with banks that have met the requirements of the Swiss Bank Program.  The Program provided a path for Swiss banks to resolve potential criminal liabilities in the United States, and to cooperate in the Department’s ongoing investigations of the use of foreign bank accounts to commit tax evasion.  The Program also provided a path for those Swiss banks that were not engaged in wrongful acts but nonethele...

Offshore Voluntary Disclosure and FATCA Stats

Boston Tax Attorney Blog FATCA
The Internal Revenue Service (IRS) has been actively targeting U.S. taxpayers with undisclosed foreign bank accounts for several years. It has promoted the Offshore Voluntary Disclosure Program (OVDP) and the streamlined version of the program to encourage U.S. taxpayers with previously undisclosed foreign bank accounts to come into compliance and pay back taxes while avoiding heavy fines and criminal prosecution. The U.S. government also has been cracking down on foreign financial institutio...

IRS Urges Taxpayers with International Tax Issues to Come Into Compliance

Offshore Voluntary Disclosure Program OVDP
The Internal Revenue Service's (IRS) offshore voluntary compliance announcement stated that more than 100,000 taxpayers have come into compliance on their international tax obligations since 2009. The IRS has also collected more than $10 billion in tax, interest and penalties since 2009. IRS Commissioner John Koskinen said, “As we continue to receive more information on foreign accounts, people’s ability to avoid detection becomes harder and harder. The IRS continues to urge those people wit...

30,000 Taxpayers Who Submitted Voluntary Disclosures May Be Subject to Criminal Prosecution

Tax Evasion Boston Tax Attorney
Streamlined Offshore Voluntary Disclosure At Risk 30,000 US taxpayers have submitted streamlined offshore voluntary disclosures since 2012. Now the IRS and Justice Department are “taking all of that data and scrubbing it for leads,” Nanette Davis, a trial attorney in the Justice Department’s tax division, said at the New York University Tax Controversy Forum. As part of the U.S. Government’s efforts to collect unpaid taxes from U.S. taxpayers with undisclosed foreign bank accounts, the IRS o...

IRS Offshore Voluntary Disclosure Program – McMahon & Associates PC

IRS Offshore Voluntary Disclosure Program Boston Tax Attorney Video
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. The penalties and qualifying requirements vary greatly between the programs and it is imperative that you select the right one as you only get one shot at applying. Failure to select the right program would result in crimin...

Introducing McMahon & Associates IRS Tax Attorneys – Video Series

McMahon & Associates IRS Tax Attorneys
  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. Visit McMahon & Associates for more information. Watch more videos: ...

President Obama Calls for Crackdown on Money Laundering and Tax Evasion

Boston Tax Attorney Blog Money Laundering
Greater Transparency President Obama is calling for greater transparency and more regulations to prevent the use of shell corporations, like those highlighted in the Panama Papers, in order to limit the ability of individuals and companies to evade paying taxes.  He also proposed changing the U.S. tax rules to prevent foreigners from hiding behind anonymous shell companies formed in the United States. Tracking Financial Flows In his briefing, President Obama emphasized, “Tracking financial fl...

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

FATCA Bank Letter
International Banks Requesting U.S. Tax Documentation 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. FATCA FATCA was enacted by Congress in 2010 as a way to target U.S. taxpayers using offshore bank accounts to avoid paying taxes. FATCA requires foreign f...

18,000 Retired U.S. Military Personnel Are Living Abroad: How Many Know About FBAR and Foreign Asset Reporting Requirements?

U.S. Taxpayer Living Outside the United States The U.S. Department of Justice reports 18,000 retired U.S. military personnel are living outside the United States. If you are a U.S. taxpayer living outside the United States and you have assets in a foreign bank account, you may need to file an FBAR or other specific foreign asset reporting forms with the Internal Revenue Service (IRS). U.S. military retirees living abroad with a financial interest or signature authority over a financial accou...