Search for: "IRS/FBAR"
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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]
13 Mar 2012, 8:45 am
Most foreign banks will ultimately report U.S. depositor account information to IRS. [read post]
12 Mar 2012, 5:13 pm
In addition to these requirements, a taxpayer may have to report these accounts on the FBAR, and Form 8938. [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]
5 Mar 2012, 4:31 pm
This action should start with reporting the income for this year and filing the FBAR and other required forms. [read post]
4 Mar 2012, 10:31 am
The FBAR penalty for a “willful” violation is the greater of $100,000 or 50% of the highest account balance per year. [read post]
3 Mar 2012, 10:46 am
The IRS recently posted responses to Frequently Asked Questions about Form 8938. [read post]
2 Mar 2012, 6:00 am
From that the Kawashimas FBAR (foreign bank account report) non-filers is that without regard to whether or not failure to file an FBAR is a deportable offense individuals who do not file FBARs generally have filed false tax returns by checking the "no box" on Schedule B signifying they don't have a [read post]
16 Feb 2012, 9:34 am
In 2012, the IRS is again offering a FBAR amnesty program. [read post]
15 Feb 2012, 5:32 am
Maybe. [read post]
13 Feb 2012, 4:56 pm
In 2012, the IRS is again offering a FBAR amnesty program. [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]
6 Feb 2012, 1:17 pm
The civil liabilities outside the 2011 Offshore Voluntary Disclosure Initiative potentially include: FBAR penalties totaling up to $4,375,000 for willful failures to file complete and correct FBARs (2004 - $550,000, 2005 - $575,000, 2006 - $600,000, 2007 - $625,000, 2008 - $650,000, and 2009 - $675,000, and 2010 - $700,000), So, if the IRS deemed the failure to file a FBAR was willful in this case, the IRS could impose a penalty of $4,543,000, even… [read post]
6 Feb 2012, 12:06 pm
For those of you interested in what I had to say, check out the following posts: -“US expat tax and FBAR: Discussion thread (Ask your questions)” -“Comment from a 30-year IRS vet” -“The rationale behind FATCA: 30-year IRS vet” -“The 30-yr IRS Vet on the 2012 Overseas Voluntary Disclosure Program” -“Re: 30 Year IRS Lawyer and 2012 OVDI –What about the December 2011 FS? [read post]
3 Feb 2012, 1:10 pm
The indictment notes that "various" of the bank's clients filed false 1040s and failed to file the required FBARs related to the accounts. [read post]
3 Feb 2012, 10:26 am
The civil liabilities outside the 2011 Offshore Voluntary Disclosure Initiative potentially include: FBAR penalties totaling up to $4,375,000 for willful failures to file complete and correct FBARs (2004 - $550,000, 2005 - $575,000, 2006 - $600,000, 2007 - $625,000, 2008 - $650,000, and 2009 - $675,000, and 2010 - $700,000), So, if the IRS deemed the failure to file a FBAR was willful in this case, the IRS could impose a penalty of $4,543,000, even… [read post]
1 Feb 2012, 7:58 am
The charges against Kerr and Quiel were for filing false tax returns in 2007 and 2008 and for failing to file Reports of Foreign Bank and Financial Accounts (FBAR) for those years. [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]
30 Jan 2012, 8:27 pm
In any case, the three are accused of conspiracy, FBAR violations, and filing false tax returns. [read post]
29 Jan 2012, 11:22 am
The organizer and all other information provided to the return preparer is subject to production at the request of the IRS, by summons and can be used in civil and criminal proceedings. [read post]
