Search Results for: offshore bank accounts
IRS Official Announces New Focus on Offshore Assets in Indian Banks
…of holding undeclared accounts in Indian banks, according to Nicholas Connors, a supervisory revenue agent” with SB/SE. Kristen A. Parillo, IRS Will Soon Examine U.S. Taxpayers With Undeclared Indian Bank…
2 recent IRS developments that will impact Indian Americans
…last few years, the US Internal Revenue Service (IRS) has been focusing heavily on tracking offshore accounts of its residents and citizens. Today, there are several forms to be filed…
IRS list of “dirty dozen” tax scams
…a special offshore voluntary disclosure initiative (OVDI) designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current…
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…
IRS reminds those with foreign assets about U.S. tax obligations
…points to keep in mind: Deadline for reporting foreign accounts The deadline for filing the annual Report of Foreign Bank and Financial Accounts (FBAR) is the same as for a…
What HSBC India Accountholders Can Expect From the IRS
…for offshore accounts. The IRS says there are 9,000 high net worth Indian US residents who maintain at least $100,000 in their bank accounts in HSBC India but only 1,921…
IRS Announces New Clarifying FAQs for Streamlined Offshore Compliance Program
The IRS updated its streamlined offshore compliance program to provide procedures taxpayers residing both inside and outside the United States should use to participate in the program. The streamlined offshore…
Specific Steps for Applying to the IRS Streamlined Foreign Offshore Procedures
If you are a US Person and not compliant for not properly reporting foreign accounts, assets, investments, and income to the IRS, you may have learned about Streamlined Procedures. If…
Streamlined Filing Compliance Procedure’s New Revisions to Streamlined Domestic Offshore Procedures (SDOP)
…file under the Streamlined Domestic Offshore Procedures (SDOP) or the Streamlined Foreign Offshore Procedures (SFOP). This article focuses on the SDOP, which is for taxpayers who reside in the United…
IRS collects over $5 billion in its its offshore voluntary disclosure programs
…those hiding assets offshore,” said IRS Commissioner Doug Shulman. “People are finding it tougher and tougher to keep their assets hidden in offshore accounts.” Shulman added the IRS OVDPs have…
India Expected to Sign FATCA Agreement Tomorrow
…Service (IRS), access to details of all offshore accounts and assets beyond a threshold limit held by Americans here, while a reciprocal arrangement would be offered for Indian authorities as…
HSBC India Customer New Indictment Uncovers More HSBC Details
…Disclosure Program for offshore accounts. The IRS says there are 9,000 high net worth Indian US residents who maintain at least $100,000 in their bank accounts in HSBC India but…
Difference between Form 8938 and FBAR Requirements
…requirement does not replace or otherwise affect a taxpayer’s obligation to file Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts). Individuals must file each form for which…
Financial Crimes Enforcement Network (FINCEN) Issue Final Rules
…Bank and Financial Accounts” (Form TD F 90-22.1 (the “FBAR”)), which must be filed by June 30th of the subsequent year. Records related to such accounts must be maintained for…
The Teeth of the Foreign Account Tax Compliance Act (FATCA)
…proposed regulations cut them some slack with deemed compliance rules. For preexisting individual accounts: Manual review of paper records is limited to accounts over $1 million; and Accounts of $50,000…
Denied access to or withdrew from the IRS Offshore Voluntary Disclosure Program (OVDP)?
This year taxpayers who either were denied access to or withdrew from the IRS Offshore Voluntary Disclosure Program (OVDP) have been receiving Letter 5935 (HERE) from the IRS notifying them…
IRS Releases Training Documents on Offshore Voluntary Disclosure Program
…who have failed to file an FBAR (Foreign Bank and Financial Accounts Report) form with the IRS, or didn’t report income from offshore activities to disclose their errors and to…
NJ Division of Taxation Offers Offshore Voluntary Compliance Initiative
…disclosed foreign bank accounts to the IRS are very likely to be uncovered by the Division. The Offshore Voluntary Compliance Initiative offers New Jersey taxpayers a means to make disclosure…
Major changes to IRS offshore voluntary compliance programs
…report offshore accounts was not willful. Because taxpayers’ non-U.S. investments vary widely, the IRS offers the following options for addressing previous failures to comply with U.S. tax and information return…
Details of the Streamlined Domestic Offshore Procedures
Many U.S taxpayers are unfortunately surprised to discover that they have a U.S. tax reporting obligation on financial accounts or assets held overseas. Once they discover their tax and reporting…
Asset Protection for Physicians
…abandoning the offshore trust that they spent so much money for. In other words, when push comes to shove the offshore trust is worthless unless, again, you are willing to…
An Ill-advised IRS Streamlined Filing Compliance Procedure Filing
…of Foreign Bank and Financial Accounts (FBARs) forms certain U.S. taxpayers are required to file annually that disclose their control over assets maintained in foreign bank accounts. Further, some of…
Beware of FATCA Letters
…within the bank’s FATCA timeline. Offshore account holders who do not clean up their accounts before the IRS finds out tax may be due from their banks risk far higher…
Beware: IRS Reminds Taxpayers of FBAR Deadline
…B asks about the existence of foreign accounts, such as bank and securities accounts, and generally requires U.S. citizens to report the country in which each account is located. In…
HSBC Payment of Largest Penalty and FATCA Encourages Taxpayers to Disclose
…with undisclosed offshore accounts, believes that FATCA and recent large penalties should encourage more U.S. taxpayers with undisclosed offshore accounts, especially held at HSBC, to come forward before the government…
Significant FBAR Penalties Upheld by Court
…and filed amended tax returns that reported income from the offshore accounts. By an oversight, she checked the ‘no’ box on schedule B asking whether she had offshore accounts. The…
New FBAR Deadlines and Penalty Relief available
The US Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the Act) has changed the filing date for the Report of Foreign Bank and Financial Accounts (FBAR),…
New IRS Form 8938 Statement of Foreign Financial Assets is causing significant confusion
…account. Current law phases in reporting by foreign banks of US owned accounts. In 2014 and 2015, banks need only to disclose the owner’s identifying information, account number and balance….
IRS Issues Reminders for FBARs and other International Requirements
…Foreign Accounts and Assets: Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most…
Streamlined Procedures for U.S. Taxpayers Residing In the United States
…outside of the United States and U.S. individual taxpayers residing in the United States. Taxpayers using either the Streamlined Foreign Offshore Procedures or the Streamlined Domestic Offshore Procedures will be…