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Planning in the Time of Coronavirus
…testament. Now is the time to review your Last will and testament to make sure it fully and accurately reflects your wishes. REVIEW YOUR BENEFICIARY DESIGNATIONS Assets such as bank…
IRS Reduces Administrative Burden (for the first time) of Filing Some Forms 3520 and/or Forms 3520-A
…Foreign Bank and Financial Accounts (FBAR). Taxpayers who have not filed to file any such international forms should seek competent legal counsel immediately to avoid or reduce the high penalty…
National Taxpayer Advocate calls IRS Penalties Draconian and Inefficient
…the burden to establish willfulness by clear and convincing evidence before asserting a civil willful Report of Foreign Bank and Financial Accounts (FBAR) penalty and that the government cannot meet…
Money Laundering 101
…funds to purchase foreign currency), blending funds (mixing illegal money and legitimate money together). After placing the money into the system, criminals begin moving the funds between different banks, financial…
Some FBAR Deadlines Extended
Last week the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) again extended the deadline for certain financial professionals to file foreign bank accounting reporting forms known as FBARs. In FinCEN…
IRS Most Common Tax Notices and What They Mean
…IRS is proposing changes to your tax return based on information that they received from your employer, bank and/or other third party payers. This notice is generally referred to as…
Estate Planning in a Recession
…investing, business start-up, education, home purchase, and other purposes. The IRS sets minimum interest rates for these types of loans, well below bank rates, depending on the maturity date. Lower…
“Financial interest” or “Signature Authority” in a Foreign Account
…point during the year, must file a Foreign Bank Account Report (FBAR). However, “financial interest” in or “signature authority” are often confusing and misunderstood. “Signature Authority” in a Foreign Account…
Introduction to Estate Planning
…personally must be actually transferred to the trust — real property is deeded to the trust; bank accounts are switched to the trust; and stocks, bonds, partnership interests and other…
FBAR Deadline Extended to December 31, 2021
The Financial Crimes Enforcement Network (FinCEN) today issued a notice extending the filing date of Reports of Foreign Bank and Financial Account (FBARs) for victims of recent natural disasters, including…
IRS Reminds U.S. citizens and dual citizens about U.S. filing requirements
…requirements, including Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). No new developments are provided, only reminders of existing laws and regulations. Some dual-citizen taxpayers may…
New Form Updates for Foreign Accounts
The government has made a few recent form updates regarding the filing requirements for the following forms: FinCEN Form 114 (Report of Foreign Bank and Financial Accounts) – automatic…
Canada and US sign FATCA tax deal where banks to share information with IRS
…on the automatic sharing of bank information between the two countries as part of efforts to battle tax evasion. On February 5, 2014, the Canadian government announced that it has…
Taxpayers Advised to Use Caution: Confirmed FBAR Information Request Scam
Our firm has become aware of a “phishing” scam, related to the filing of Report of Foreign Bank and Financial Accounts (FBAR). Under the scam, taxpayers receive an email notice,…
New IRS IRM with Updated Streamlined Filing Compliance procedures
…income or foreign assets, generally, foreign bank accounts. In part, the revised procedures address concerns of taxpayers and their professional advisers that the traditional offshore voluntary disclosure programs (OVDPs) often…
Start 2021 with a few New Year’s tax planning resolutions
…tax return (see the bottom of Schedule B (Part III)) and increasingly has access to foreign bank information to determine if you are disclosing your foreign assets and income properly….
Estate Planning Discussions: difficult, emotional and stressful
…may want to make available (perhaps to a trusted family member) the details and location of their financial accounts. These would include the location of bank, brokerage, and credit card…
Make Sure You have Filed FATCA Compliance Certifications
…foreign account and income data to the US IRS. As a result, foreign banking secrecy no longer exists: virtually all foreign banks report bank data to the IRS. Indian investors…
IRS Announces “Good Faith” 90 Day Extension of Voluntary Disclosure Deadline
…of time to assess tax (including tax penalties) and to assess penalties for failure to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). Requests for…
INHERITANCE TAXES IN NEW JERSEY RATES
…institution may release up to 50% of any bank account, certificate of deposit, etc. to the survivor, in the case of a joint account, the executor, administrator or other legal…
Argue for No Penalty and a Warning Letter for FBAR Violations
The IRS may send a warning letter in lieu of asserting penalties for failure to file a Form TD F 90-22.1, “Report of Foreign Bank and Financial Accounts,” if it…
IRS list of “dirty dozen” tax scams
…others who facilitate or enable these schemes. Taxpayers have tried to avoid or evade U.S. income tax by hiding income in offshore banks, brokerage accounts or through the use of…
NJ Tax Waiver Shortcut
…Division of Taxation insures it will receive its tax revenue from the New Jersey Inheritance Tax by requiring banks, title companies, stockbrokers, wealth advisors and other financial institutions to hold…
Are You Ready For New FATCA Enforcement in 2020?
Banks and certain other financial institutions located outside the United States that have U.S. account holders are scrambling to meet a looming IRS deadline. These institutions, known as foreign financial…
Estate Planning in New Jersey
…trusts Gifting cash or other assets before your death “Transfer On Death” (“TOD”) or “Payable On Death” (“POD”) bank accounts Holding assets by joint tenancy with right of survivorship (“JTROS”),…
New FATCA / CRS reporting penalties in India
…institutions is made annually, the penalty of Rs. 5000 will also be levied every year. The penalty can be very large for someone who has 5 bank accounts, 10 mutual…
Below is a List of Common Forms Applicable in Compliance Requirements for U.S. Citizens and Residents with Foreign Assets, Trusts, and Entities
Foreign Financial Assets FinCEN Form 105 Report of International Transportation of Currency or Monetary Instruments FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR) Form 8938 Statement of…
Estate-Planning Preserves Medical Practice Value
…do is list all of your assets. Write them down–the equity in your home, the amount of your bank account and the value of stocks, bonds, insurance policies, IRAs, jewelry…
Form 8938, FATCA, FBAR and penalties for all (including bankers)
…more trouble than he is worth. Why Should Foreign Bankers Comply? You may wonder why a foreign banker would cooperate with the IRS even though they do not (most of…