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US Reporting of Foreign Retirement Accounts
Many clients contact our office regarding the failure to report their foreign retirement account. Such accounts need to be fully reported on an FinCen 114 (FBAR) and IRS Form 8938….
Specific Steps for Applying to the IRS Streamlined Foreign Offshore Procedures
…5471, and 8938. In addition, the applicant must file any delinquent FBAR forms for the past six years for which the FBAR filing requirement has passed. In order to ensure…
US Supreme Court to Rule on FBAR Penalties Case
The debate over FBAR penalties for non-willful failure to disclose all of an individual’s or business’ foreign bank accounts has reached the Supreme Court. The issue is whether the maximum…
New Webinar: Resolving International Tax Compliance Disputes: FBAR Controversy, Penalties, Appeals, Form 3520/3520-A, Form 5471
I am pleased to announce that I will be speaking in an upcoming Strafford live video webinar, “Resolving International Tax Compliance Disputes: FBAR Controversy, Penalties, Appeals, Form 3520/3520-A, Form 5471”…
FBAR compared to Form 8938: Differences, Which to File, When to File, etc.
We receive many client queries regarding FBAR and Form 8938. If you are a U.S. person and you have assets and accounts in a foreign country, you may need to…
IRS Releases New IRS 2022 FBAR Fact Sheet
…FBAR Submission Procedure (or DFSP), which our office has successfully utilized hundreds of times to cure delinquent FBARs and immunize clients from penalties. Nonethless, the new IRS 2022 FBAR Fact…
IRS announces an update to its Voluntary Disclosure Practice Preclearance Request and Application
…for federal income tax purposes, received previously untaxed funds, or was required to be reported on an information return or report (e.g., Form 8938 or FBAR) and was not reported….
Upcoming live video webinar: “FBAR and U.S. Tax Reporting: Compliance Requirements for Foreign Assets”
I am pleased to announce that I will be speaking in an upcoming Strafford live video webinar, “FBAR and U.S. Tax Reporting: Compliance Requirements for Foreign Assets” scheduled for Wednesday,…
The Strange Case of U.S. v. Hughes: Willful and Non-Willful (at the Same Time?)
…US taxpayer will pay willful FBAR penalties, non-willful FBAR penalties, or no FBAR penalties. U.S. v. Hughes is a strange case however because the court held that the taxpayer was…
All the Many FBAR Late Filing Procedures
…become noncompliant and delinquent. However there are a number of different delinquent FBAR late-filing procedures U.S. taxpayers can go through to become compliant. Delinquent FBAR Submission Procedures or DFSP A…
A Lesson to be Learned from US v. Schwarzbaum: Bring Back the Foreign Funds to Pay FBAR Penalties
…gifts were deposited into Swiss bank accounts which were controlled by Schwarzbaum. Thereafter, Schwarzbaum did not timely file his FBARs for said foreign accounts and a willful FBAR penalty case…
Do You Have to Pay US Taxes on Foreign Inheritance?
…These reporting requirements include, but are not limited to, the timely filling of a FinCEN Report 114 (FBAR) and IRS Form 8938 (Statement of Specified Foreign Financial Assets) which merely…