April 2012 – Tax, Estate Planning & Probate Law Center

Should I close my foreign account?

23 Apr 12

Suppose you have a foreign bank account holding more than $10,000. You may have inherited it, used it to hide money during a dispute with your spouse or business partner, or just done it on a whim. As you try

Global Enforcement of FATCA: Something to Worry About

14 Apr 12

The Foreign Account Tax Compliance Act (FATCA) is about disclosure and transparency, but in part is to catch Americans trying to stash money overseas. Controversially, FATCA orders every foreign bank to track down its U.S. account holders, and then share

Difference between Form 8938 and FBAR Requirements

09 Apr 12

Comparison of Form 8938 and FBAR Requirements Many holders of foreign financial assets must file two disclosure forms this year or else risk draconian penalties. They are Form 8938, which is due with the tax return itself, and

Checklist of tax forms for taxpayers with foreign assets

09 Apr 12

This year, there is at least one new tax form for US taxpayers to be aware of: Form 8938: Statement of Foreign Financial Accounts. Since there are a number of sometimes obscure U.S. tax forms that U.S. taxpayers are required

IRS attempts to demystify its new Form 8938

08 Apr 12

The IRS has finally attempted to demystify its new Form 8938. Below are some Form 8938 FAQs: Basic Questions and Answers on Form 8938 1. What are the specified foreign financial assets that I need to report

A limited opportunity for generous gift tax exclusions

07 Apr 12

The 2010 Tax Act is scheduled to expire on Dec. 31, 2012, at which time under current law the opportunities afforded under the 2010 Act will be lost. This article explores various tax planning opportunities created under the 2010 Act.

More Tax Complexity: New Form 8938

07 Apr 12

In recent years, the IRS and US Treasury have stepped up their efforts toward tracking down delinquent tax payers and enforcing payment of overdue taxes. One of these initiatives has been labeled the “Foreign Account Tax Compliance Act”. FATCA is

Form 8938, FATCA, FBAR and penalties for all (including bankers)

05 Apr 12

The IRS and US Treasury have stepped up their efforts toward tracking down delinquent tax payers and enforcing payment of overdue taxes. One of these initiatives is the “Foreign Account Tax Compliance Act”. FATCA is part of the Hiring Incentives

Frequent Scenarios in Offshore Voluntary Disclosures

03 Apr 12

I have frequently seen the following scenarios in working with clients to determine whether a offshore voluntary disclosure program filing (OVDP) is appropriate and how they should report foreign account. First, a parent or grandparent entrusts a younger generation family