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5 Jul 2012, 5:03 pm
On June 26, 2012, the IRS announced a new initiative to help US citizens living in another country (very likely dual citizens) catch up with their unfiled US tax returns and FBARs. [read post]
30 Oct 2018, 11:26 am
Prior to this statutory change being signed into law, FBAR violations were not included in the calculation of IRS whistleblower awards. [read post]
10 Jun 2009, 10:34 am
In conversations with the IRS Foreign Bank Account Report (FBAR) hotline, I have been told that the IRS plans on issuing a second FBAR FAQ to supplement the first FBAR FAQ which was issued by the IRS only last month. [read post]
4 Nov 2012, 9:42 am
The information will be turned over to the IRS. [read post]
10 Sep 2012, 5:00 am
Once again tax attorneys will be working full time to guide their clients through another thicket of IRS rules which seem only to reinforce the notion that the IRS is not serious about providing FBAR relief to those taxpayers who legitimately lost their way. [read post]
6 Mar 2013, 6:00 am
This is just another example of the IRS making FBAR compliance more difficult than necessary. [read post]
15 Sep 2017, 8:46 am
The IRS has six years from the due date of the FBAR to assess the FBAR penalty. [read post]
25 Jun 2009, 1:06 pm
The IRS has just issued new FAQs related to the tax amnesty for failing to file Foreign Bank Account Reports (FBAR). [read post]
30 Jun 2011, 7:00 am
The IRS recently issued a press release reminding foreign bank account holders of FBAR reporting requirements and deadlines. [read post]
13 Aug 2009, 9:50 am
In a letter to the IRS, the Managed Funds Association also requested a one-year moratorium on FBAR filings not related to a traditional financial account.Earlier, the MFA asked for guidance concerning whether a hedge fund organized outside of the United States constituted a "financial account" for purposes of FBAR and, if such a fund was treated as a "financial account", how the IRS should resolve a variety of collateral issues arising under… [read post]
20 Jun 2013, 7:02 am
The Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (the “FBAR”), is an IRS form used to track the international flow of money in and out of the US. [read post]
19 May 2017, 8:48 am
Internal Revenue Manual (IRM) 4.26.16.6 states that when an FBAR violation is found, the IRS examiner must either issue a Letter 3800 or issue a penalty. [read post]
13 Jun 2011, 10:50 am
According to the IRS the FBAR statute may be extended by consent, although there is no explicit statutory authority for this view. [read post]
19 Jun 2014, 10:52 am
The IRS will not assess any FBAR penalties, nor will it assess a 20 percent accuracy penalty under IRC Section 6661. [read post]
10 Oct 2023, 2:22 pm
On September 8, 2023, the IRS issued a News Release suggesting that FBAR compliance investigations and audits would heat up in the near future. [read post]
14 Oct 2021, 9:00 pm
The IRS is unforgiving when it comes to delinquent FBARs. [read post]
30 Jun 2009, 10:07 am
I have been speaking a lot lately to the Internal Revenue Service's (IRS) FBAR (Foreign Bank Account Report) tax amnesty hotline to obtain answers to the many practical questions that have arisen under the IRS FBAR Tax Amnesty a.k.a. [read post]
31 May 2011, 8:02 pm
The IRS announced today that individuals in two categories will not need to file FBARs: An employee or officer of a covered entity who has signature or other authority over and no financial interest in a foreign financial account of another entity more than 50 percent owned, directly or indirectly, by the entity (a “controlled person”). [read post]
14 Oct 2021, 9:00 pm
As the IRS noted in a recent reminder, “[t]hose who don't file an FBAR when required may be subject to significant civil and criminal penalties. [read post]
23 Apr 2019, 2:31 pm
U.S. taxpayers with foreign bank accounts must be aware of IRS reporting requirements for these “offshore” accounts. [read post]
