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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]
24 May 2011, 1:11 pm
The IRS has a voluntary disclosure program called the [read post]
24 May 2011, 1:11 pm
The IRS has a voluntary disclosure program called the [read post]
15 Jul 2009, 9:48 am
According to offshore financial account must report that TD F 90-22.1 Foreign Bank Account Report (FBAR) form. [read post]
14 Dec 2017, 8:58 am
Not only can the IRS assess penalties equal to 50 percent of the aggregate account balance for willful FBAR violations, but criminal prosecution can also be pursued. [read post]
19 Sep 2013, 1:25 pm
According to Warner’s tax attorney, the IRS denied amnesty to Warner. [read post]
11 Apr 2011, 3:08 pm
The IRS recently announced the 2011 Off-Shore Voluntary Disclosure Initiative (OVDI), which allows taxpayers with previously undeclared accounts to amend their tax returns and other informational filings (such as FBARs, Form 5471, Form 3520s) and avoid criminal prosecution. [read post]
31 Mar 2016, 6:00 am
The most interesting thing we found was a series of emails between various technical specialists in the IRS’ Offshore Compliance Group, IPN OVDP Coordinator. [read post]
31 Mar 2016, 6:00 am
The most interesting thing we found was a series of emails between various technical specialists in the IRS’ Offshore Compliance Group, IPN OVDP Coordinator. [read post]
22 Jun 2009, 9:47 am
If you have a Swiss financial account or other offshore bank account, the deadline is June 30th for filing an FBAR with the IRS. [read post]
14 Dec 2017, 8:58 am
Not only can the IRS assess penalties equal to 50 percent of the aggregate account balance for willful FBAR violations, but criminal prosecution can also be pursued. [read post]
8 Jul 2012, 8:52 am
FBAR compliance and advising those account holders that their account information will be disclosed to the IRS. [read post]
30 Jan 2023, 7:51 am
Need to learn how to file your FBAR in 2023? [read post]
10 Jul 2009, 1:23 pm
Even if they paid the bulk of their taxes they could be liable for Foreign Bank Account Report (FBAR) penalties equal to 50% of the balance in their account. [read post]
15 Apr 2009, 7:31 pm
Even if the merchant didn't use the account to commit tax fraud, the merchant would still be required to file an FBAR form with the IRS. [read post]
31 Jan 2012, 11:47 am
There is, however, currently an IRS amnesty program for the non-FBAR filer, which we will discuss in the next post. [read post]
14 Mar 2012, 4:28 pm
If all my savings is in gold bars, do I have to worry about FBARs or form 8938? [read post]
27 Jun 2009, 8:11 pm
In addition, the IRS will not pursue other penalties against participating taxpayers, such as the fraud penalty of 75% of the unpaid tax or the statutory penalty for willful failure to file an FBAR, which is the greater of $100,000 or 50% of the foreign account balance. [read post]
10 Jan 2020, 9:55 am
(FBAR penalties were added to the award calculation in early 2018, but the form was not updated and published until 2019.) [read post]
28 Jun 2022, 11:31 am
The Report of Foreign Bank and Financial Accounts (FBAR) is an IRS document that American expats must file if they possess more than $10,000 across foreign bank accounts. [read post]
