Rare Supreme Court Ruling Favors Taxpayers!
...all foreign accounts each year (Boyd, 991 F.3d 1077 (9th Cir. 2021)). FBARs (Financial Crimes Enforcement Network (FinCEN) Forms 114, Report of Foreign Bank and Financial Accounts) are required to...
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Top 5 tax fraud recoveries in 2022
...promised, he evaded collection efforts and sought to hide his assets from the IRS, including by diverting money to other entities and putting assets in the name of his children....
New FATCA / CRS reporting penalties in India
...falsely claimed to be resident Indians and provided local Indian information in order to a local account (otherwise NRIs must open a NR account). Impact: To make the account holder...
High Penalties for failure to file an FBAR: Not Really Enforced (yet)?
U.S. persons, including U.S. citizens, residents, corporations and estates, must report certain foreign financial accounts, including bank accounts, brokerage accounts and saving accounts to the U.S. Treasury department each year....
IRS Listens, and Postpones Increased Form 1099 Reporting for PayPal and Venmo
...a Form 1099-K at year-end. What does this mean for tax year 2022 filings? Companies such as Venmo, PayPal, and Cash App, known as Third-Party Settlement Organizations (TPSOs), are required...
Estate Planning: List of To-Do Items
...for your children If you have minor or otherwise legally incapacitated children, a will is the appropriate document in which to designate guardian(s) for your children. It is good practice...
New IRS FBAR Practice Unit
...United States persons (“USPs”) to file FinCEN Forms 114, Report of Foreign Bank and Financial Accounts (“FBARs”), for each calendar year in which the aggregate amount(s) in certain foreign account(s)...
What Do Tax Lawyers Do?
...can determine whether you qualify for penalty relief and help you eliminate these extra fees. Tax Levy Release: When the IRS claims your property or your accounts via a tax...
From Hong Kong With Love…
...during the current tax year, received either: a. More than $100,000 from a nonresident alien individual or a foreign estate (including foreign persons related to that nonresident alien individual or...
Form 3520 Penalty Relief
...an online account, I highly recommend he or she create one. With an online account, taxpayers can check their account information including balance, payments, tax records, penalties, waivers, and more....
Forms 3520, 5471 and 5472 Penalty Relief
...U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business) when they are attached to a late-filed Form 1120 or Form 1065. Campus assessment program penalties for...
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....