BE-10 Report: A New Overlooked International Reporting Form
...must file a BE-10 report on its own behalf and a BE-10 report on the behalf of each U.S. business enterprise that is part of the ownership chain of the...
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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...
How to Demonstrate Non-Willfulness Under The Streamlined Filing Compliance Procedures
...the facts and circumstances of each case,” and that it will depend on tax professionals “to help taxpayers get the right answer in individual cases.” Evidence of willfulness often includes...
Taxpayer’s Beware: Proving Non-Willful Conduct in the new IRS Streamlined Filing Compliance Procedures
...and circumstances of each case,” and that it will depend on tax professionals “to help taxpayers get the right answer in individual cases.” Evidence of willfulness often includes the following:...
IRS announces new Streamlined Filing Compliance Procedures
...one or the other: either enter the 2014 OVDP or enter the 2014 Streamlined Programs. If rejected from the 2014 Streamlined Programs, taxpayers may not later enter the 2014 OVDP...
New IRS Disclosure Program Announced for Non-Resident Taxpayers: Streamlined Foreign Offshore Procedures
...of the law. For information on the meaning of foreign financial asset, see the instructions for FinCEN Form 114, which may be found at FinCen and the instructions for Form...
FBAR Reporting Season is here
...annuallyto the Internal Revenue Service by filing electronically a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR). On September 20, 2013, FinCEN posted...
Canada and US sign FATCA tax deal where banks to share information with IRS
...voluntarily disclose unreported accounts to become compliant. Further details can be found on the following Department of Finance links: Information Exchange Agreement Signed Between Canada and the United States http://www.fin.gc.ca/treaties-conventions/notices/fatca-eng.asp...
More Swiss Banks Agree to Disclose US Customers Accounts: Expect More Customer Letters to be Sent
...program has met resistance from Switzerland’s financial sector, which has complained of the cost of complying, particularly for the country’s hundreds of small and medium-size banks. Concerns have also been...
IRS Announces New Rules for FBAR Penalties
...public confidence in the integrity and efficiency of the Service.” See IRM 8.1.1.1(1). The Financial Crimes Enforcement Network (FinCEN) delegated its enforcement authority for penalties imposed under Title 31, Sections...
COURT AUTHORIZES SERVICE OF JOHN DOE SUMMONS SEEKING THE IDENTITIES OF U.S. TAXPAYERS WITH OFFSHORE ACCOUNTS AT CIBC FIRSTCARIBBEAN INTERNATIONAL BANK
...tax enforcement,” said IRS Acting Commissioner Steven T. Miller. “Our work here shows our resolve to pursue these cases in all parts of the world, regardless of whether the person...
Instructions for New Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer U.S. Taxpayers
...authority over a financial account(s) located outside his/her country of residence; If the taxpayer has a financial interest in an entity or entities located outside his/her country of residence; If...