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21 Jun 2011, 9:44 pm
While I have said that the IRS has, at times, looked like they’re using shotguns on jaywalkers (vis-a-vis foreign account enforcement), that’s not the case here. [read post]
21 Jun 2011, 5:06 am
However, the IRS stresses that FBARs for 2010 are due on June 30, 2011 and must be filed by that date even if you are participating in the initiative. [read post]
20 Jun 2011, 10:23 am
A tax crackdown by the IRS has been particularly difficult for Americans living in Canada. [read post]
16 Jun 2011, 8:44 am
Posted by James MastracchioToday, the IRS announced an extension until November 1, 2011 for taxpayers who did not file TD F 90-22.1 (FBARs) forms in prior years. [read post]
15 Jun 2011, 7:52 am
The IRS posted a revised draft of Form 8938, the “Son of FBAR. [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]
12 Jun 2011, 9:37 am
This is where the player may wish to consider the following options: 1) participating in the Offshore Voluntary Disclosure Initiative offered by the IRS and similar state programs, like that offered by California. 2) filing an Report of Foreign Bank Account (FBAR) with a disclosure stating the facts and circumstances of reporting. [read post]
7 Jun 2011, 2:08 pm
In March 2011 the IRS announced a Second Supplemental Offshore Voluntary Disclosure program. [read post]
7 Jun 2011, 9:39 am
You may request for an extension till November 30, 2011 to submit your amended tax returns, FBAR form or account information to the IRS only IF you can furnish evidence that you did try to fully comply with the August 31 deadline. [read post]
7 Jun 2011, 7:00 am
Up until now the IRS was insisting on an FBAR penalty of 25% of the highest offshore financial account balance, plus 25% of any income generating offshore assets. [read post]
6 Jun 2011, 7:05 am
Posted by James MastracchioIn a bid to encourage U.S. taxpayers living abroad to file U.S. tax returns and FBARs, the IRS has significantly reduced the civil penalties associated with the 2011 Offshore Voluntary Disclosure Initiative. [read post]
5 Jun 2011, 3:53 pm
Selected FBAR Extensions by IRS is a post from: IRS Tax Problem Solver Blog - IRS Help [read post]
5 Jun 2011, 8:34 am
The FAQ’s provide guidance on when, in the opinion of the IRS, taxpayers can or should the “opt-out” and when they should not. [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]
27 May 2011, 8:25 pm
Schiavo failed to file the compulsory Report on Foreign Banks and Financial Accounts form (FBAR) for his account at HSBC Bermuda. [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]
17 May 2011, 6:00 pm
This is an argument for not filing FBARS, but is not a reason to make an “All-In” bet against the IRS and state authorities getting the player account histories from the sites. [read post]
20 Apr 2011, 8:11 am
The IRS may not, it may just sort the data and reach out to the top X% if players. [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]
