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21 Oct 2019, 6:15 am
Expats may also have to report their foreign bank and investment accounts by filing an FBAR (Foreign Bank Account Report, if the total combined balance of all their foreign registered accounts exceeds $10,000 at any time during the year). [read post]
18 Oct 2019, 10:11 am
Below is our quarterly newsletter. [read post]
16 Oct 2019, 11:55 pm
The post IRS Releases New Cryptocurrency Reporting Form 1040 Guidance appeared first on Bright! [read post]
15 Oct 2019, 10:05 pm
Another issue is that complying with FATCA regulations does not exempt taxpayers from also filing an FBAR (Form 114). [read post]
14 Oct 2019, 11:35 pm
If they have non-US registered financial assets worth over $200,000, they also have to report them on IRS Form 8938 when they file their federal return. [read post]
6 Oct 2019, 11:13 pm
” – the IRS Expats who have a total of over $10,000 in foreign accounts (including bank and investment accounts), whether over $10,000 in just one account or between the combined balances of several, at any time during the year are required to report all of their foreign accounts by filing an FBAR (Foreign Bank Account Report) online to FinCEN. [read post]
3 Oct 2019, 7:51 am
It can be claimed on IRS Form 1116. [read post]
24 Sep 2019, 9:55 pm
Layton, is a former IRS attorney and former attorney in the U.S. [read post]
23 Sep 2019, 1:23 am
The IRS can then use this information to verify that Americans with foreign accounts are fully and accurately declaring their balances on their FBARs. [read post]
19 Sep 2019, 2:13 am
Penalties for not filing FBARs (or for incomplete or inaccurate FBAR filing) are steep, even if the error wasn’t intentional, and the IRS is receiving information directly from most foreign banks and other financial firms, so FBAR filing important requirement. [read post]
15 Sep 2019, 11:32 pm
What to do Under the rules of the Relief Procedures for Certain Former Citizens program, Accidental Americans need to file the current year federal tax return (and FBAR – Foreign Bank Account Report – to report their foreign bank and investment accounts), as well as the previous 5 years tax returns and FBARs, if applicable). [read post]
8 Sep 2019, 11:31 pm
Expats who have to report their foreign bank and investment accounts by filing an FBAR to FinCEN should be aware that there’s an automatic six month FBAR filing extension, so they don’t have to file IRS Form 4868 to extend their FBAR filing deadline. [read post]
5 Sep 2019, 1:02 am
The rules for foreign account (FBAR) reporting in particular are complex, and penalties for not doing so correctly, fully and accurately are high, so it’s not a requirement that Americans with foreign registered bank or investment accounts should ignore. [read post]
29 Aug 2019, 10:45 am
” – the IRS Why expats should get (and stay) compliant Unfortunately, gone are the days when expats could hope that they didn’t need to file US taxes from abroad because the IRS didn’t know where they were and what they owed! [read post]
15 Aug 2019, 12:42 am
Expats who have been living abroad but not filing US taxes may be able to catch up without facing any penalties under the IRS Streamlined Procedure amnesty program. [read post]
12 Aug 2019, 2:06 am
What about FBAR reporting? [read post]
7 Aug 2019, 7:00 am
But, as we’ve also written, the IRS is showing a willingness to recognize tax liabilities on virtual currency gains. [read post]
5 Aug 2019, 1:42 am
Penalties for not filing an FBAR are steep, and the IRS is able to check the information provided, or see if an FBAR should have been filed but wasn’t, thanks to information received directly from foreign banks under FATCA, the 2010 Foreign Account Tax Compliance Act. [read post]
26 Jul 2019, 2:05 am
” – the IRS What is the Foreign Tax Credit? [read post]
11 Jul 2019, 1:58 am
The program also allows them to claim the IRS provisions that let them avoid double taxation. [read post]
