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6 Jun 2019, 2:10 pm
The threshold for mandatory FBAR reporting is different, but the two may overlap. [read post]
12 Dec 2019, 4:22 am
The FBAR filing deadline is currently October 15th, so most expats opt to file their FBAR at the same time as their US federal tax return. [read post]
28 May 2012, 6:38 pm
As with everything related to the IRS, it is difficult to provide comprehensive information related to taxes on the web. [read post]
25 Apr 2012, 10:23 am
The current IRS international FBAR enforcement program is soon to present a major challenge to the leadership of the IRS. [read post]
14 Sep 2009, 2:27 pm
A: Up until recently there have been very few prosecutions related to offshore tax evasion involving FBAR questions you can seek advice from the former IRS [read post]
11 Jan 2015, 4:42 pm
For now, the IRS has taken the position that “The Financial Crimes Enforcement Network, which issues regulatory guidance pertaining to Reports of Foreign Bank and Financial Accounts (FBARs), is not requiring that digital (or virtual) currency accounts be reported on an FBAR at this time but may consider requiring such accounts to be reported in the future. [read post]
21 Dec 2010, 10:23 am
Zaltsberg established Belton in late 2000 with the assistance of a foreign lawyer and a Swiss banker, in order to hide this account from the IRS. [read post]
9 Sep 2012, 10:00 am
The IRS has published examples of when an “opt out” may be advantageous and when not (see OVDP FAQ 51.1). [read post]
23 Mar 2012, 7:00 am
As a technical matter it is not clear to our tax litigation lawyers that the IRS has the right to seize the proceeds of an account simply because no FBAR was filed. [read post]
20 Jan 2022, 5:02 pm
Non-US persons for tax purposes have no annual FBAR obligation. [read post]
18 Apr 2021, 11:39 pm
If you’re not sure whether you should be filing an FBAR, always seek advice, as the IRS can access foreign bank data and non-filing penalties are steep. [read post]
27 Jun 2012, 7:02 am
Under the 2011 OVDP, the IRS had demanded a $75,000 FBAR penalty from her. [read post]
18 Jan 2018, 5:44 pm
Notably, FBAR penalties are not counted towards the threshold. [read post]
18 Jan 2018, 5:44 pm
Notably, FBAR penalties are not counted towards the threshold. [read post]
5 Jun 2011, 8:34 am
The FAQ’s provide guidance on when, in the opinion of the IRS, taxpayers can or should the “opt-out” and when they should not. [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]
27 Feb 2011, 10:47 am
If you have not submitted your FBAR, the amnesty program called the Offshore Voluntary Disclosure Initiative (OVDI) is for you. [read post]
7 Feb 2012, 5:14 am
Completion of returns and FBARs As with previous VODPs, those participating in this one will have to submit their tax returns and FBARs, pay up all back taxes and interest for up to eight years as well as pay accuracy-related and/or delinquency penalties. 6. [read post]
20 Sep 2009, 6:48 pm
Federal law requires annual disclosure of foreign bank accounts and the failure to file IRS Form TDF 90-22.1 commonly called the FBAR (Foreign Bank Account Report) can get you a huge fine or even a jail sentence. [read post]
7 Jun 2011, 2:08 pm
In March 2011 the IRS announced a Second Supplemental Offshore Voluntary Disclosure program. [read post]
