The Push to Eliminate Duplicative FBAR and Form 8938 Reporting
...during the year. IRC § 6038D (Form 8938): Enacted as part of FATCA, this requires taxpayers to attach Form 8938 to their annual income tax returns to report “specified foreign...
Search Results for: fatca
The Complex Landscape of FBAR and Foreign Asset Reporting: A Critical Webinar Update for Tax Professionals (Free)
...The days of bank secrecy are coming to an end, with countries worldwide adopting information-sharing agreements like FATCA and the CRS to combat tax evasion. Strafford’s programs are known for...
Dr. Sriram Case: A Summary of Key Tax and Legal Issues
...enhanced international cooperation and data-sharing. Practitioners must be vigilant in ensuring clients are fully compliant with all international reporting obligations, including FBAR and FATCA. Criminal vs. Civil Penalties: The case...
Primer on Form 8938: Statement of Specified Foreign Financial Assets
The IRS places heavy emphasis on Form 8938, the Statement of Specified Foreign Financial Assets mandated by FATCA, and noncompliance can lead to harsh penalties and extended audit exposure. This...
Navigating the Puzzle: Understanding Form 8938 Audit Triggers
...(FATCA), enacted in 2010, is a cornerstone of the IRS’s efforts to combat offshore tax evasion. FATCA mandates that foreign financial institutions (FFIs) report information about financial accounts held by...
Beware the Hawala Network: Tax and Legal Risks
...of tax underpayment), FBAR violations (50% of account balance per year), and FATCA penalties for undisclosed assets. If the IRS deems the transfer part of a structured effort to evade...
Live Webinar on U.S.-India Tax Planning: Key Issues, Tax Treaties: Limited Free Registrations Available
...and India for certain taxpayers India’s Forms ITR Taxable income, reportable accounts, and FBAR/FATCA filings U.S. reporting requirements of India-sourced investments Foreign tax credit considering the fiscal year ITR Key...
New FATCA / CRS reporting penalties in India
...KYC (Know Your Customer) including information provided in FATCA and CRS questionnaire. The new budget proposes a penalty of Rs.5,000 if there is any inaccuracy in the statement of financial...
All the Many FBAR Late Filing Procedures
...a U.S. taxpayer may choose to pay a 5% Title 26 Miscellaneous Offshore Penalty instead of other delinquent FBAR and FATCA penalties. Our firm has successfully filed more than 300...
Beware IRS Letter 6291
...Via FATCA and subpoenaed bank records, the IRS is in possession of records that identify taxpayers with transactions or accounts at offshore private banks. Soft letters are IRS correspondence to...
Do You Have to Pay US Taxes on Foreign Inheritance?
...there are important legal considerations to review, including the Foreign Account Tax Compliance Act (FATCA), which directly deals with foreign compliance matters. This article summarizes international estate planning and tax...
Upcoming live video webinar: U.S.-India Tax Planning: Reporting Issues, Traps to Avoid, Tax Treaties, FTC, FACTA/FBAR Reporting, Passive Income
...credit FATCA and FBAR reporting Inheritance taxes Benefits The panel will review these and other key issues: Filing obligations in the U.S. and India for certain taxpayers Taxable income, reportable...