Search Results for: fbar
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…
Pandora’s Box Has Opened: Pandora Papers
…law, many U.S. taxpayers with foreign accounts exceeding certain thresholds must file Form 114, Report of Foreign Bank and Financial Accounts, known as the “FBAR.” It is filed electronically with…
An Ill-advised IRS Streamlined Filing Compliance Procedure Filing
…failure to file FBARs and tax returns was non-willful.” Apparently, his Streamlined filing was for foreign accounts valued at over $93 million. Not surprisingly the large account filing was further…
Upcoming live video webinar: U.S.-India Tax Planning: Reporting Issues, Traps to Avoid, Tax Treaties, FTC, FACTA/FBAR Reporting, Passive Income
I am pleased to announce that I will be speaking in an upcoming Strafford live video webinar, “U.S.-India Tax Planning: Reporting Issues, Traps to Avoid, Tax Treaties, FTC, FACTA/FBAR Reporting,…
Unfiled FBAR Penalties Survive Death
…determined that the FBAR civil nonwillful penalty was remedial, which survives death and becomes an estate liability. Many cases in the past have held that the FBAR willful penalty, which…
FBAR Deadline Automatic Extension
…year, each annual FBAR must be filed with FInCen by April 15th. This change to an April 15th FBAR filing date was designed to match the FBAR filing date with…
Solution: Streamlined Domestic Offshore Procedures
…and may have also failed to file a FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) (previously Form TD F 90-22.1) and/or one or more international information…
Happy Birthday Streamlined Filing Compliance Procedure
…lack of understanding or knowledge of reporting requirements for U.S. persons. Taxpayers are only required to file tax returns for the previous 3 years and FBAR’s for the previous 6…
Consequences of Filing False Streamlined Filings
…failure to report all income, pay all tax, and submit all required information returns, such as FBARs, was due to non-willful conduct. If convicted, Booker faces a maximum sentence of…
Implications of United States v. Horowitz: Reckless = Willful?
…a violation for failure to file an FBAR should contact Patel Law Offices. Over the years, our office has successfully assisted numerous taxpayers regarding their FBAR and tax compliance issues….
Willful FBAR Penalties
…the IRS each year by filing a Report of Foreign Bank and Financial Accounts (FBAR). Taxpayers must file the FBAR annually and the last day to timely file is at…
New Favorable Court Decision: One penalty (not multiple) applies for late FBAR filing
…interest in, or signature authority over, foreign financial accounts with an aggregate balance of $10,000 or higher must file an FBAR. The FBAR has no income tax implications, it is…