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6 Feb 2012, 1:17 pm
The civil liabilities outside the 2011 Offshore Voluntary Disclosure Initiative potentially include: FBAR penalties totaling up to $4,375,000 for willful failures to file complete and correct FBARs (2004 - $550,000, 2005 - $575,000, 2006 - $600,000, 2007 - $625,000, 2008 - $650,000, and 2009 - $675,000, and 2010 - $700,000), So, if the IRS deemed the failure to file a FBAR was willful in this case, the IRS could impose a penalty of $4,543,000, even… [read post]
20 Jan 2015, 6:00 am
- Willful blindness to learning of one's FBAR and other tax obligations. [read post]
24 Jul 2014, 1:04 pm
Further, submissions won’t qualify under the New Procedures, if the taxpayer is under an IRS examination, civil or criminal, or if the IRS finds that the entities were used for tax evasion. [read post]
16 Mar 2020, 12:05 am
The IRS amnesty program for expats who are behind with both their tax and FBAR filing is called the Streamlined Procedure. [read post]
11 Apr 2017, 8:40 am
FBAR Filing Requirements for Non-Citizens The IRS has its own rules for determining if you are a resident for tax purposes. [read post]
13 Apr 2021, 10:33 am
Interestingly, in past years the IRS granted an automatic extension of time to file FBARs to October 15th for FBARs, but there is no mention of the automatic extension in the IRS notice. [read post]
13 Jan 2014, 2:26 pm
IRS has issued little guidance in this area. [read post]
16 Sep 2014, 10:00 am
They must also file a FBAR (Report of Foreign Bank and Financial Accounts) on FINCen Form 114 disclosing any financial account in a foreign country with assets in excess of $10,000. [read post]
16 Mar 2010, 7:03 am
FBAR forms may be dropped off at any IRS office or mailed to a special address in Detroit. [read post]
29 Oct 2009, 6:36 pm
Los Angeles Tax Attorney: If you are looking for information on the IRS voluntary disclosure or the IRS FBAR program you can visit here FBAR - Why file IRS Voluntary Disclosure or here IRS Voluntary Disclosure for FBAR If you owe a debt to a bank or any other creditor and they agree to forgive or reduce the balance of the debt, the canceled amount of the debt may be taxed by the Internal Revenue Service. [read post]
29 Oct 2009, 6:36 pm
Los Angeles Tax Attorney: If you are looking for information on the IRS voluntary disclosure or the IRS FBAR program you can visit here FBAR - Why file IRS Voluntary Disclosure or here IRS Voluntary Disclosure for FBAR If you owe a debt to a bank or any other creditor and they agree to forgive or reduce the balance of the debt, the canceled amount of the debt may be taxed by the Internal Revenue Service. [read post]
16 Dec 2011, 4:14 am
How to file an FBAR For information about how and where to file an FBAR, see Form TD F 90-22.1 and the IRS FBAR Frequently Asked Questions. [read post]
9 Jul 2014, 1:15 pm
In theory, the IRS’ plan works. [read post]
14 Jul 2014, 1:32 pm
In theory, the IRS’ plan works. [read post]
22 Mar 2024, 10:48 am
If you file an FBAR, you may also need to file IRS Form 8938. [read post]
4 Apr 2012, 6:23 am
Therefore, it’s important to note that while you file FBAR with the Department of Treasury and it is enforced by the IRS, your filing of FBAR alone will not result in taxes owed. [read post]
25 Jan 2011, 11:42 am
The IRS is expected to launch a new FBARs, or to report income from foreign bank accounts avoid failure to file an FBAR. [read post]
15 Oct 2020, 1:37 pm
Catching up Americans who haven’t been filing an FBAR but should have been may be able to catch up voluntarily without facing penalties, so long as they do so before the IRS contacts them. [read post]
21 Oct 2020, 12:26 am
Catching up Americans who haven’t been filing an FBAR but should have been may be able to catch up voluntarily without facing penalties, so long as they do so before the IRS contacts them. [read post]
5 Jul 2011, 10:37 am
Earlier this year the IRS announced the 2011 Offshore Voluntary Disclosure Initiative (FBAR Amnesty, OVDI). [read post]
