Search for: "IRS/FBAR"
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18 May 2020, 1:21 am
The IRS looks at adjusted gross income as reported on expats 2019 tax return, or, if they haven’t filed for 2019 yet, their 2018 tax return. [read post]
23 Apr 2020, 3:56 am
FBAR and FATCA Most expats with foreign investments are required to file a Foreign Bank Account Report (FBAR) each year. [read post]
21 Apr 2020, 8:00 am
You can file the FBAR electronically through the Financial Crimes Enforcement Network’s BSA E-Filing System. [read post]
6 Apr 2020, 2:52 am
FBAR is an acronym for Foreign Bank Account Report, and filing an FBAR is purely a reporting exercise, with no additional taxation implications. [read post]
1 Apr 2020, 1:35 pm
FBAR filings have been extended to October 15. [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]
12 Mar 2020, 10:09 am
Expats with a foreign business also have to report it to the IRS. [read post]
9 Mar 2020, 9:00 am
Expats who can claim a provision in the treaty can do so by filing IRS Form 8833. [read post]
5 Mar 2020, 12:02 am
Expats also have to report their foreign bank and investment accounts each year by filing an FBAR (Foreign Bank Account Report), if the balances of their combined foreign accounts exceeds $10,000 at any time in a year. [read post]
5 Mar 2020, 12:02 am
Expats also have to report their foreign bank and investment accounts each year by filing an FBAR (Foreign Bank Account Report), if the balances of their combined foreign accounts exceeds $10,000 at any time in a year. [read post]
27 Feb 2020, 8:16 am
Expats who are behind with their US tax and FBAR filing can catch up without facing penalties under an IRS amnesty program called the Streamlined Procedure, so long as they do so voluntarily (i.e. before the IRS contacts them). [read post]
23 Feb 2020, 11:32 pm
Other IRS Amnesty Programs There are a couple of other IRS amnesty programs for certain expats: the Delinquent FBAR Return Procedures, for expats who have been filing their federal returns but who weren’t aware of their FBAR filing responsibility; and the Amended Return Procedures, for expats who need to amend a previously filed return. [read post]
20 Feb 2020, 10:16 am
These include those already mentioned (IRS Forms 2555, 1116, and 8938, and FinCEN Form 114 for FBAR filing), as well as forms for claiming tax treaty provisions and avoiding double social security taxation. [read post]
17 Feb 2020, 9:46 am
Failure to file returns and disclosures with the IRS on time can result in substantial penalties. [read post]
13 Feb 2020, 12:40 am
Avoiding IRS penalties Because FBARs are filed to FinCEN rather than to the IRS, penalties for not filing, or for inaccurate filing, are higher, even when the error is unintentional, starting at $10,000 a year. [read post]
10 Feb 2020, 7:25 am
The IRS is receiving the same information from almost all foreign banks and investment firms, so they can verify the information provided on FBARs, or see if an FBAR should have been filed but wasn’t. [read post]
6 Feb 2020, 12:18 am
Expats often also have additional reporting requirements that Americans living in the states don’t, such as the requirement to report their foreign bank and investment accounts by filing a Foreign Bank Account Report (FBAR) . [read post]
3 Feb 2020, 7:23 am
FBARs and catching up Another US filing requirement for many self-employed expats is reporting their foreign bank (and investment) accounts, including any business accounts they control even if the account isn’t in their name.Expats who are behind with their US tax filing because they weren’t aware of the requirement to file from abroad can often catch up under an IRS amnesty program called the Streamlined Procedure. [read post]
29 Jan 2020, 10:54 pm
Filing an FBAR means filing Form 114 to FinCEN (rather than to the IRS) online each year. [read post]
27 Jan 2020, 5:50 am
Penalties for missing or incorrect FBAR filing are steep, and the IRS is receiving the same information directly from foreign banks now, so they know who should be filing! [read post]
