Search Results for: FBAR
Watch Out for Letters From Your Foreign Bank Requesting Information On Your U.S. Residency
…letters are a warning that U.S. persons are required to report all their foreign income and foreign bank accounts and assets (via the FBAR form). This letter may be your…
Major changes to IRS offshore voluntary compliance programs
…for further details); and Delinquent Report of Foreign Bank and Financial Accounts (FBAR) and delinquent international information return submission procedures. Tax professionals must be familiar with each of these options…
New IRS guidance Announced for IRS Streamlined Offshore Procedures.
…FBARs. Include the whole story including favorable and unfavorable facts. Specific reasons, whether favorable or unfavorable to you, should include your personal background, financial background, and anything else you believe…
What Is The Difference Between the SDOP and the Current OVDP program?: Willfulness
…eligible to participate in the streamlined procedures is to ascertain whether the taxpayer’s compliance failure, including the failure to file an FBAR, was actually non-willful. The IRS has defined “nonwillful…
New Report: Delinquent Taxpayers Could be Identified at US Border Crossings
…and FBAR “willfulness” based assessments. For those taxpayers who would like to come forward, the IRS has two solutions: First, for those taxpayers who qualify there are the Streamline Procedures…
Foreign HSBC Bank Customer Avoids Jail: Given Three Years’ Probation
…file a Report of Foreign Bank and Financial Accounts, or FBAR. Prosecutors had asked the court to impose a prison term of 41 to 51 months. At a weeklong trial,…
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…
US Entities with foreign assets have more information reporting
…from all entities whose tax years start after 31 December 2015. There is a USD10,000 penalty for failure to file the form, which overlaps heavily with the existing FBAR form….
National Taxpayer Advocate Delivers Annual Report to Congress that Criticizes Offshore Voluntary Disclosure Programs
…Financial Accounts (FBAR)) to enter into an offshore voluntary disclosure (OVD) settlement program and pay an “offshore penalty” designed for bad actors. “Benign actors” with inadvertent violations generally had to…
New Leak of Offshore Accountholders Highlights the Need to Clean Up
…taxpayer. In addition, U.S. taxpayers are required to report holdings in foreign banks and other financial institutions for any year in which their total assets exceed $10,000. The FBAR (Report…
Beware: IRS Form 8938 Statement of Specified Foreign Financial Assets
…from Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, commonly referred to as the FBAR. Individuals may be required to file both reports, depending on the specific…