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27 Jan 2012, 8:09 am
This caught some by surprise, so the IRS 2011-57, 5/31/11, announced an additional extension of the Report of Foreign Bank and Financial Accounts (FBAR) filing deadline until 6/30/12 for the these individuals. [read post]
24 Jan 2012, 10:55 am
This new requirement does not replace the annual FBAR report, which is due by June 30 of the applicable filing year. [read post]
22 Jan 2012, 12:51 pm
The IRS anticipates that taxpayers will seek qualified tax and legal advice and representation in connection with considering and making a voluntary disclosure. [read post]
19 Jan 2012, 4:50 pm
The IRS has announced the reopening of the OVDI program. [read post]
18 Jan 2012, 3:09 pm
The biggest change on the tax return is that Schedule B questions about foreign investments have been expanded, giving the IRS a means of crosschecking taxpayers against FBAR filers. [read post]
15 Jan 2012, 6:56 am
Reiss made no effort to enter the IRS Voluntary Disclosure Program (OVDP) which began in 2009. [read post]
12 Jan 2012, 1:24 pm
Form 8938 is due with the U.S. tax return within the same deadline and it is separate and in addition to the FBAR. [read post]
12 Jan 2012, 1:21 pm
Most terms of the 2012 program remain the same as the 2011 program, but the maximum FBAR civil penalty is increased from 25% to 27.5%. [read post]
12 Jan 2012, 9:10 am
On the other hand, willful failure to file an FBAR would carry a draconian penalty, of 50% of the highest account balance for each year covered. [read post]
10 Jan 2012, 2:26 pm
An example of a taxpayer who may qualify for the lower category of tax penalties would be a recent immigrant who came to the United States and kept a bank account in his or her home country and recently discovered the Foreign Bank Account Reporting Requirement. 4) 2012 Offshore Bank Account Participants Must File IRS Tax Returns: IRS Taxpayers who want to participate in the Foreign Bank Account Program must file and pay all required tax returns for the past few years. 5)… [read post]
7 Jan 2012, 8:07 pm
Finally, the statute of limitation for IRS audits of returns listing foreign sourced income has been extended to 6 years (previously 3 years). [read post]
6 Jan 2012, 4:12 pm
Once FATCA kicks in, those foreign financial institutions and who enter into agreements with the IRS will provide account information on U.S. account holders. [read post]
31 Dec 2011, 10:03 am
I don’t blame the IRS for this duplication. [read post]
17 Dec 2011, 5:20 pm
(prnewswire.com) Get Ready For More FBAR Rules (forbes.com) Form 8938 – Draft instructions released by IRS (ascpa.wordpress.com) IRS FATCA Guidance, Round 3 (forbes.com) Expats Call For FATCA Repeal (forbes.com) [read post]
16 Dec 2011, 4:14 am
How to file an FBAR For information about how and where to file an FBAR, see Form TD F 90-22.1 and the IRS FBAR Frequently Asked Questions. [read post]
14 Dec 2011, 12:40 pm
Since the IRS determined that the FBAR violation was due to reasonable cause, no FBAR penalty will be asserted. [read post]
13 Dec 2011, 3:33 am
In addition, no FBAR penalty applies in the case of a violation that the IRS determines was due to reasonable cause. [read post]
11 Dec 2011, 11:12 am
This new Form 8938 is much more detailed in scope and required information and is in addition to the FBAR reporting obligation; it is a Super FBAR. [read post]
9 Dec 2011, 9:10 am
The IRS has published a guide on income tax filing and FBARs for U.S. [read post]
26 Nov 2011, 9:04 am
Penalties under the Bank Secrecy Act for failure to file FBAR’s are also possible. [read post]
