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- OVDP Willful or Streamlined Non-Willful: IRS Offshore Disclosure Basics
In determining whether you should enter the traditional Offshore Voluntary Disclosure Program (OVDP) or the newly implemented IRS Streamlined Filing Compliance Procedures, one of the most important determinations to make is whether you believe your actions were willful or non-willful. the first step in determining which IRS Offshore Tax Amnesty Program you should pursue.
- FBAR vs. 8938: Reporting Foreign Accounts & Foreign Financial Assets
Ever since the Internal Revenue Service made foreign account and asset reporting a key enforcement priority, two of the most common issues a person with income, accounts, or investments abroad has to contend with the annual filing requirements of the FBAR and Form 8938.
- Key Takeaways from CBP’s First Final Determination of Evasion under EAPA
On August 14, 2017, U.S. Customs and Border Protection (“CBP”) issued its first notification of final determination of antidumping duties (“ADD”) evasion pursuant to the Enforce and Protect Act (“EAPA”).
- Whatcha Gonna Do When They Come For You? U.S. Export Control Agency Visits
What to expect during a visit from the agencies and best practices to prepare for them.
- U.S. Economic Sanctions: A 3/4-Year Review
Aside from one last mid-January initiative by the Obama Administration to begin rolling back sanctions targeting Sudan, the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") was quiet at the start of 2017 and during the first 100 days of the transition.
- Terminating Probationary Employees in Beijing
New employment laws have affected the way China is permitted to terminate employees through the Responses to Several Issues Regarding Application of Law in Trial of Labor Disputes which include probationary employees. The key factor that affects employees within the Responses is to ensure fairer and more effective labor disputes for unfair practices in firing and terminating workers.
- Choice of Law Provisions in Other Countries
Contracts between countries for business is complicated with different law provisions and contractual obligations that may differ based on the location around the world. When dealing with another nation, it is crucial that laws are obeyed and each country’s government regulations are followed closely.
- Is the U.S. - Korea Trade Deal Headed for Trouble?
On June 30, 2007, the United States signed a historic free trade agreement with South Korea. The Korea-United States Free Trade Agreement (“KORUS”), like most FTAs in which the U.S. is engaged, eliminates “tariffs and non-tariff barriers to trade in goods and services” between the two countries in an effort to enhance trade and promote economic growth.
- Late EEI Filing: Is It Too Late To Mitigate?
In 2009, the U.S. Customs and Border Protection (“CBP”) published guidelines that govern the enforcement and mitigation of civil penalties for companies and other entities that fail to comply with the Foreign Trade Regulations (“FTR”) in 15 C.F.R. § 30.
- IRS Tax Amnesty Programs: Offshore Income vs. Domestic (U.S.) Income
The IRS Tax Amnesty Programs are designed to help individuals and others safely get into tax compliance without the fear of excessively high fines and penalties being issued against them by the IRS. There are multiple different types of IRS tax amnesty programs, with the key issues between them being whether the applicant was willful or non-willful, and/or whether a person is seeking to report offshore income, domestic income -- or both.