On November 19th, Schwartz International’s Simone Alting had the privilege of speaking at the 2019 Business and Industry Conference hosted by The Georgia Society of Certified Public Accountants (GSCPA) in Atlanta, GA. Simone shared the following information with the business professionals:
Despite budget constraints and key vacancies, the IRS continues to target international issues and assert large penalties. The IRS is focused on FBAR violations, expanded foreign asset reporting duties, taxpayers who ceased participation in voluntary disclosure programs, continued FATCA monitoring, deprivation of passports for tax debtors, automatic penalties for late information returns, compliance initiatives targeting foreign investors in U.S. rental property, foreign trusts, gifts to U.S. persons by expatriates, the new repatriation tax, and more. The presentation reviewed the latest international issues, cases, and rulings to keep income and estate tax professionals updated on this ever-changing area.