Search for: "IRS/FBAR"
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5 Sep 2021, 5:00 pm
Furthermore, the Mexican government can collect fines on behalf of the IRS, and penalties for not filing US federal returns and FBARs can be steep. [read post]
29 Aug 2021, 5:00 pm
If you had more than US$10,000 in aggregate in one or more foreign bank accounts at any time during the tax year, you also need to file FinCEN form 114, sometimes known as an FBAR (Foreign Bank Account Report). [read post]
22 Aug 2021, 5:00 pm
It’s better to do this soon though, before the IRS comes to you. [read post]
19 Aug 2021, 1:53 am
While previously the IRS didn’t require Cryptocurrency accounts to be included in FBAR reporting, it recently indicated that, starting in tax year 2021, they will be. [read post]
16 Aug 2021, 6:42 am
If you had a total of over US$10,000 in one or in mulitple 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]
13 Aug 2021, 12:46 am
” – the IRS In the last few years, the US government has developed the ability to access Americans expat’s finances. [read post]
5 Aug 2021, 9:06 am
A word of warning: the IRS is receiving the same information directly from foreign banks and investment firms, and penalties for missed or incomplete FBAR filing start at $10,000 a year, so it’s important not to neglect this reporting requirement. [read post]
31 Jul 2021, 8:53 pm
This is in addition to the Treasury’s FBAR filing requirements. [read post]
31 Jul 2021, 8:53 pm
This is in addition to the Treasury’s FBAR filing requirements. [read post]
28 Jul 2021, 8:53 am
The Internal Revenue Service recently published some tips for FBAR compliance in 2021, which Washington D.C. international tax lawyer Kevin E. [read post]
25 Jul 2021, 5:00 pm
The program requires that expats file their last 3 federal returns, their last 6 FBARs (if appropriate), and self-certify that their previous non-compliance was non-willful. [read post]
29 Jun 2021, 5:00 pm
Penalties for not filing FBARs (or for incorrect or incomplete FBAR filing) are steep, so the Streamlined Procedure offers a way for expats who are behind in their FBAR filing to catch up, again without facing any penalties. [read post]
27 Jun 2021, 5:00 pm
As FBARs are filed to FinCEN rather than to the IRS, penalties for not filing FBARs are more stringent than those for not filing tax returns. [read post]
7 Jun 2021, 12:10 am
” – the IRS Deadlines Americans who reside in the US normally have to file by April 15. [read post]
27 May 2021, 4:44 am
The IRS has already taken steps in this direction, announcing recently that offshore cryptos accounts will need to be reported on FBARs in the near future. [read post]
24 May 2021, 1:52 pm
Note that foreign financial institutions such as banks and investment firms provide their US citizen account holders’ details to the US directly, allowing the IRS to verify information provided by US expats on FBARs is correct. [read post]
18 May 2021, 5:00 pm
Catching up with your US expat taxes The IRS has global reach, so we recommend that expats who weren’t aware that they are required to file US taxes from abroad consider the Streamlined Procedure, an IRS amnesty program that allows Americans living abroad to catch up on their US tax and FBAR filing without facing any penalties. [read post]
13 May 2021, 9:00 pm
When the Internal Revenue Service (IRS) extended the federal income tax filing deadline to May 17 for 2021, this extension did not apply to the obligation to file a Report of Foreign Bank and Financial Accounts (FBAR) with the Financial Crimes Enforcement Network (FinCEN). [read post]
13 May 2021, 3:55 am
An FBAR is a Foreign Bank Account Report. [read post]
10 May 2021, 4:11 am
FBARs are filed to FinCEN, the US financial authority, and are due by October 15. [read post]
