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15 May 2024, 2:42 pm
Make sure your statements are prepared according to US generally accepted accounting principles for smooth processing by the IRS. [read post]
13 May 2024, 10:18 am
Form 8938 goes to the IRS, and the FBAR goes to FinCEN. [read post]
8 May 2024, 2:47 pm
See also: Top 6 Common Filing Mistakes for US Expat Taxpayers Take for example, the FBAR we mentioned above. [read post]
8 May 2024, 1:45 am
Tax can help you come up with a salary that balances IRS requirements with personal tax benefits. [read post]
29 Apr 2024, 8:35 am
Depending on the state and experience of your chosen tax advisor, the prices range from around $100-$150 for forms and reports like FBAR and Schedules C, D, and E. [read post]
22 Apr 2024, 1:35 am
Depending on your goals, the right business structure can help you reduce administrative burden, facilitate company growth, or shield you from personal liability — as well as have major tax benefits. [read post]
9 Apr 2024, 2:49 pm
The IRS will generally not penalize those who properly report a foreign financial account on a late-filed FBAR, as long as the IRS finds that they have reasonable cause for the late filing. [read post]
27 Mar 2024, 11:52 am
For example, if you failed to file an FBAR for two years in a row and the IRS determined that your failure was willful, you could face a penalty of $322,340. [read post]
25 Mar 2024, 11:02 am
Delinquent FBAR Submission Procedures People who have not filed their FBARs, are not under civil examination or criminal investigation by the IRS and have not been contacted about their delinquent FBARs may follow the Delinquent FBAR Submission Procedures. [read post]
22 Mar 2024, 10:48 am
If you file an FBAR, you may also need to file IRS Form 8938. [read post]
21 Mar 2024, 3:50 pm
See also: IRS Announces Cryptocurrency Accounts to be Added to FBAR Reporting Peer-to-peer lending platforms connect borrowers with individual lenders, often bypassing traditional financial institutions. [read post]
6 Mar 2024, 4:00 am
In particular, the penalty for failure to file a Form 3520 is likely the most significant of any penalty issued by the IRS. [read post]
1 Mar 2024, 11:10 am
The IRS then taxes that excess income at ordinary income tax rates. [read post]
29 Feb 2024, 6:18 am
For most, this means filing both IRS Form 8938 to comply with the Foreign Account Tax Compliance Act (FATCA) and a Report of Foreign Bank and Financial Accounts (FBAR) to comply with the […] The post FATCA and BSA Compliance: What Happens If You Don’t Report Your Offshore Assets to the U.S. [read post]
23 Feb 2024, 12:09 pm
Some of the key forms include: FBAR The FBAR is an annual report submitted by US taxpayers to the Financial Crimes and Enforcement Network (FinCEN). [read post]
21 Feb 2024, 1:26 am
The IRS offers a couple of tax breaks specifically for Americans who live abroad, including: The Foreign Tax Credit (FTC): Provides Americans with dollar-for-dollar credits for foreign income taxes paid on foreign-source income. [read post]
2 Feb 2024, 11:46 am
With the term golden visa increasingly appearing in the media, on social networks, and in everyday conversations, you may very well have already heard it before — and for a good reason. [read post]
11 Jan 2024, 1:38 pm
Related: Understanding PFIC and Filing IRS Form 8261 for US Expats Greece vs Portugal Golden Visa – which is better? [read post]
28 Dec 2023, 12:59 am
FATCA and FBAR comparison chart source – IRS The post FBAR vs 8938: Comparing Two Important Filing Requirements appeared first on Bright! [read post]
11 Oct 2023, 9:25 am
FBAR reporting for US expats in Canada Americans with over $10,000 in total foreign financial accounts must file FinCEN Form 114, also known as a Foreign Bank Account Report (FBAR). [read post]
