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21 Aug 2011, 9:19 am
Will the IRS asset a penalty based upon willful or non-willful conduct if the taxpayer is found after August 31, 2011 to have failed to file FBAR’s? [read post]
16 Oct 2014, 10:00 am
These programs are first cousins of the IRS' Offshore Voluntary Disclosure Program (OVDP), but technically are not part of OVDP, and are options for individuals who have failed to report income from offshore bank accounts, and who may have failed to file a Foreign Bank Account Reports, FinCEN Form 114, formerly TDF 90-22.1 (FBAR) or other international information reporting returns. [read post]
29 Jun 2021, 5:00 pm
Penalties for not filing FBARs (or for incorrect or incomplete FBAR filing) are steep, so the Streamlined Procedure offers a way for expats who are behind in their FBAR filing to catch up, again without facing any penalties. [read post]
15 Oct 2009, 5:15 am
But the IRS has recently extended the deadline to June 30, 2010 and it applies to FBARs for 2008 and earlier. [read post]
12 Jan 2012, 1:21 pm
Most terms of the 2012 program remain the same as the 2011 program, but the maximum FBAR civil penalty is increased from 25% to 27.5%. [read post]
6 Jun 2011, 7:05 am
Posted by James MastracchioIn a bid to encourage U.S. taxpayers living abroad to file U.S. tax returns and FBARs, the IRS has significantly reduced the civil penalties associated with the 2011 Offshore Voluntary Disclosure Initiative. [read post]
22 Jun 2022, 10:11 am
This allows the IRS to keep an eye on any potentially unreported income. [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]
29 Jun 2012, 12:23 pm
Filed under: Criminal Tax Fraud Prosecution, FBAR, Hidden Bank Accounts, IRS, IRS Amnesty Program For Offshore Accounts, IRS tax amnesty, IRS Voluntary Disclosure Initiative, Offshore Accounts, Tax Amnesty, Tax Evasion, Tax Fraud, Taxes Tagged: hidden bank accounts, IRS tax amnesty for offshore accounts, IRS voluntary disclosure, tax evasion, tax fraud, Taxes [read post]
21 Aug 2012, 2:52 pm
Wajsfelner failed to file FBARs with the IRS. [read post]
4 Aug 2012, 2:54 pm
The grounds for an “opt out” are found in IRS FAQ 51.1 et. seq. [read post]
28 Aug 2011, 9:54 am
An FBAR is not an income tax form, it is a Bank Secrecy Act form and there is no direct mention on the USCIS/IRS link about FBAR filing obligations the failure to file an FBAR may be particularly troublesome to applicants under the EB-5 immigrant visa process. [read post]
16 Jul 2012, 11:25 am
My recently published article in Tax Notes Today The potential for IRS overreaching in its enforcement of the Bank Secrecy Act (FBAR's) and FATCA has created a firestorm of fear and anxiety in the world-wide American expatriate community. [read post]
25 Sep 2017, 6:09 am
In 2013, the IRS concluded that Bedrosian’s failure to report one of two foreign bank accounts on a 2007 FBAR was willful. [read post]
27 Aug 2011, 3:44 am
You can also contact the IRS directly by calling 800-800-2877 and selecting option 2 or emailing FBARquestions@irs.gov (questions only to this email address, the system doesn’t accept actual FBARs). [read post]
23 Jun 2022, 9:51 am
The Internal Revenue Service (IRS) requires anyone with foreign financial accounts over a certain balance to file an FBAR each year. [read post]
1 Mar 2011, 8:23 am
The Final Regulations apply to FBARs required to be filed by June 30, 2011 with respect to calendar year 2010, FBARs for all subsequent calendar years, and, at the filer’s election, FBAR filings that were deferred under Notice 2010-23.3 We have confirmed in conversations with personnel at the IRS that a new version of the FBAR will be issued with revised instructions. [read post]
6 Mar 2012, 11:45 am
Even though FBARs are mailed to a data center under the overall control of the United States Treasury Department, an IRS agent auditing a return of an American ex pat would have to separately request a taxpayer’s FBAR from the FBAR data center to complete an audit. [read post]
12 Aug 2019, 2:06 am
What about FBAR reporting? [read post]
23 Oct 2011, 8:37 am
Informal advice from various sources in the IRS and IRS Criminal Investigation are suggesting that taxpayers with unreported foreign bank accounts, and unfiled FBAR’s go through the IRS Criminal Investigation “preclearance” process and then file the voluntary disclosure letter without knowing what the rest process will be. [read post]
