IRS and Curbing Offshore Tax Evasion paper

The role of the IRS

The Internal Revenue Service’s (IRS) Fight in Curbing Offshore Tax Evasion using the Offshore Voluntary Disclosure Initiative (OVDI) Strategy
The RS has been under intense pressure to combat the impacts of tax evasion for the last decade now. As a result, the IRS has recently come up with effective concepts to help minimize the occurrence of John Doe bank accounts in foreign countries that have vital ties to the United States. The strategy that was developed; OVDI, has been effective but, keeps changing with the elapsing of each financial year. For example, its third update was in 2016, where the concept changed to OVDP (Offshore Voluntary Disclosure Procedure). There is no massive difference between OVDP and OVDI since the objective of both concepts is to encourage members of the public who hold private accounts with foreign banks to step forth in full disclosure (De Simone, Lester, & Markle, 2018). The idea is to ensure that the IRS brings all the holders of these private accounts up to speed with the penalties, tax evasion charges and penalties from Foreign Bank Account Reports (FBAR). Over the past few months, the IRS has decided to widen the scope of OVDP since the menace that the UBS story caused. The Supreme Court of the United States issued exclusive permission to the IRS operation requiring full disclosure of all private accounts, to heighten punitive measures against foreign banks account holders who are not willing to come forth with their secret accounts. Fresh research equally indicates that in the recent John Doe summons by IRS, this bureau prevailed upon Coinbase Incorporation to embrace the fact that virtual funds are like ghost partners whose activities, role and contribution in the growth and development of an organization cannot be estimated. Instead, the IRS insists that virtual money should be regarded as property rather than a privilege of evading taxation standards.

IRS and the (Foreign Account Tax Compliance Act) FATCA Rules

Following the strict rules and regulation regarding foreign accounts and assets, the IRS initiated the Foreign Account Tax Compliance Act (FATCA) in 2010. The core purpose of this new development was to provide a deeper insight into the legal requirements that foreign account holders need to comply with to avoid punitive action from the IRS. Form 8938 of the FATCA states clearly that United States citizens who reside in foreign countries will get better treatment by complying with FATCA rules and regulation since both countries stand to gain in different economic perspectives.
Developments in the FATCA strategy in 2013 limited asset valuation to respective domestic entities as outlined deeper in the report (McKay, 2018). These exclusions permitted foreign account and asset holder the power to avoid filling form 8938 if they have the full income tax return report for the whole year. Other than that, the act further elaborates the major differences that exist between foreign taxpayers and those living in the United States. The major difference occurred in the procedure of reporting the thresholds involved. For example, foreign taxpayers are required to fill form 8938 and the full income tax return report. On the other side, if one is a native United States citizen, he or she will fill form 8938 in light with two marital status: married and unmarried.
The best aspect of the FATCA initiative is that it permitted the exclusion of other relatively influential assets and accounts. For example, foreign investment companies, retirement benefit plans, as well as foreign trusts. However, the IRS is very clear on violating the terms and conditions of the FATCA initiative. A penalty of up to $10,000 for failing to file is applicable to any foreign account holder who violates any of the FATCA rules and regulations.

Don't use plagiarized sources. Get Your Custom Essay on
IRS and Curbing Offshore Tax Evasion paper
Just from $9/Page
Order Essay


De Simone, L., Lester, R., & Markle, K. (2018). Transparency and Tax Evasion: Evidence from the Foreign Account Tax Compliance Act (FATCA).
McKay, S. (2018). The Foreign Account Tax Compliance Act: A Constitutional Analysis.

Get Professional Assignment Help Cheaply

Buy Custom Essay

Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?

Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.

Why Choose Our Academic Writing Service?

  • Plagiarism free papers
  • Timely delivery
  • Any deadline
  • Skilled, Experienced Native English Writers
  • Subject-relevant academic writer
  • Adherence to paper instructions
  • Ability to tackle bulk assignments
  • Reasonable prices
  • 24/7 Customer Support
  • Get superb grades consistently

Online Academic Help With Different Subjects


Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.


Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.

Computer science

Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!


While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.


Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.


In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.


Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.


We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!


We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.


Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.

What discipline/subjects do you deal in?

We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.

Are your writers competent enough to handle my paper?

Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.

What if I don’t like the paper?

There is a very low likelihood that you won’t like the paper.

Reasons being:

  • When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
  • We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.

In the event that you don’t like your paper:

  • The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
  • We will have a different writer write the paper from scratch.
  • Last resort, if the above does not work, we will refund your money.

Will the professor find out I didn’t write the paper myself?

Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.

What if the paper is plagiarized?

We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.

When will I get my paper?

You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.

Will anyone find out that I used your services?

We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.

How our Assignment  Help Service Works

1.      Place an order

You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.

2.      Pay for the order

Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.

3.      Track the progress

You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.

4.      Download the paper

The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.

smile and order essaysmile and order essay PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!

order custom essay paper