News and Events

The Offshore Voluntary Disclosure Program (OVDP) is a program allowing for U.S. taxpayers to voluntarily report offshore accounts that they had failed to report to the IRS in the past. Depending upon the value of your offshore account and whether you live in the U.S. or abroad, you may have been required to file a Report of Foreign Bank and Financial Account (FBAR) and/or a Form 8938, Statement of Specified Foreign Financial Assets. If you failed to comply with reporting requirements, OVDP gives you the chance to come forward and correct the situation before the IRS comes after you.

The threat of being subjected to an IRS audit is a major fear of many taxpayers throughout the United States. An audit can be time consuming and it can be a major hassle. In a worst-case scenario, an audit can also result in you being found to owe back taxes and penalties if the IRS determines you did not declare all of your income or determines you cannot support the deductions that you claimed. 

According to the Wall Street Journal, “for years, countries have been competing with each other over corporate tax.” Many different countries want to create the most favorable tax environments for businesses in order to encourage companies to locate within that particular country's borders. Now, with the election of Donald Trump, the United States could also join the competition... which could result in a race among countries to further slash tax rates.

A presidential election is always going to have an impact on businesses because of tax policy changes and other regulatory shifts that come from a new president assuming office. However, the unexpected election of Donald J. Trump could usher in unprecedented changes to the business tax code. The Republicans and Donald Trump have put forth proposed tax plans which promise to promote growth and fundamentally alter the way in which businesses are taxed.

The 2016 G20 Hangzhou Summit was held in September 2016 in Hangzhou, Zhejiang. The Summit was a meeting of the Group of 20, which is an international forum of governments and central bank governors from 19 different countries and the European Union. Members of the G20 include governments and governors from 20 major economic powers worldwide, including the United States, China, France, Mexico, Australia, the UK and more.   These economic leaders meet semi-annually at summits to address pressing global issues.