Search for: "IRS/FBAR"
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22 Jun 2011, 9:18 am
” He noted that compliance with Sections 6038D and 1298(f) does not relieve a person of the responsibility to file a Report of Foreign Bank and Financial Accounts (FBAR), if that form is required. [read post]
13 Jul 2009, 1:01 pm
Should we want the IRS to be collecting as much of our money as possible? [read post]
29 Sep 2021, 5:00 pm
If you had more than US$10,000 in total in one or more foreign bank accounts at any time during the tax year, you are also required to file FinCEN form 114, otherwise known as an FBAR (Foreign Bank Account Report). [read post]
1 Jul 2024, 12:55 pm
Rather, depending on certain residency determinations, the U.S. owner would pay a penalty of 5% on certain assets that should have been disclosed on other forms—i.e., FBARs and IRS Form 8938—or no penalty at all. [read post]
19 Aug 2022, 12:54 pm
China’s equivalent of the IRS is the State Taxation Administration (STA). [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]
18 Jun 2020, 7:32 am
The webinar will cover: Filing deadlines and extensions, and filing thresholds Foreign earned income exclusion limit, and impact of COVID on the 2020 Form 2555 FBAR filing overview & deadline The Streamlined Procedure as a means of getting caught up The IRS Economic Stimulus Payment Filing for Americans with a foreign registered businessThe GILTI tax for American expat business ownersLaw suits challenging the GILTI tax The webinar is intended for American citizens… [read post]
28 Sep 2012, 9:54 am
” For more information on the government’s offshore enforcement efforts, FBAR penalties, and the IRS’s Offshore Voluntary Disclosure Program (OVDP), please contact Jim Mastracchio at (202) 861-1650 (Jmastracchio@bakerlaw.com) or Jay Nanavati, (202) 861-1747 (jnanavati@bakerlaw.com), Baker Hostetler LLP, 1050 Connecticut Ave., Washington, DC 20036 (www.bakerlaw.com). [read post]
25 Aug 2012, 3:44 pm
What is important is that the taxpayer failed to file an information return(s) and the result was the assertion by the IRS of substantial civil penalties. [read post]
1 Jul 2012, 8:58 am
Fourth, if the asset(s) consist of foreign bank accounts was a Report of Foreign Bank Account (FBAR) timely filed? [read post]
22 Apr 2012, 4:59 pm
As the Department of Justice press release notes: Rick Matsa individually was convicted of one count of a corrupt endeavor to obstruct and impede the IRS, 15 counts of aiding and assisting in the preparation of false and fraudulent tax returns, that related to five different trusts; one count of willfully failing to file a Report of Foreign Bank and Financial Accounts (FBAR); one count of conspiracy to obstruct justice, commit perjury, and make false statements; two counts of… [read post]
22 Aug 2012, 6:19 am
Credit Suisse / Wegelin Client Pleads Guilty to FBAR Violation in SDNY (Jack Townsend) Dear Readers: Is my opinion of Commissioner Shulman too nuanced and subtle? [read post]
4 Jul 2019, 1:28 am
Expats should also bear in mind that they may also have to report their corporate (as well as personal) bank and other financial accounts on an FBAR (Foreign Bank Account Report). [read post]
21 Oct 2022, 10:25 am
In short, the IRS recommends the fair value method. [read post]
7 Apr 2012, 5:32 pm
As the IRS focuses more and more resources on international tax evasion techniques and tax evasion careful reporting is a must to avoid penalties, including penalties for tax evasion, tax fraud and FBAR penalties. [read post]
23 Oct 2011, 10:53 am
They would need to file a gift tax return (Form 709) and if the cumulative amount of the gifts exceeded $60,000 then they would have to write a check to the IRS. [read post]
19 Jul 2022, 8:59 am
Additionally, the IRS offers a few other programs that can alleviate your US tax bill. [read post]
30 Mar 2022, 5:13 am
FBARs are filed to FinCEN rather than to the IRS, and penalties for not filing (or for incomplete or incorrect filing) are high, so it’s an important aspect of US reporting for expats. [read post]
2 Dec 2021, 12:52 am
FBARs are filed to FinCEN rather than to the IRS, and penalties for not filing (or for incomplete or incorrect filing) are high, so it’s an important aspect of US reporting for expats. [read post]
15 Jan 2023, 12:52 am
FBARs for the 2022 tax year are nominally due by April 18, 2023, but there’s currently an automatic extension until October 16, 2023. 4. [read post]
