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3 May 2021, 2:03 am by Bright!Tax Writers
Foreign pension accounts are also normally reportable under FBAR rules. [read post]
29 Apr 2021, 4:21 am by Bright!Tax Writers
” – the IRS They can request a further extension until October 15 should they need to. [read post]
18 Apr 2021, 11:39 pm by Bright!Tax Writers
If you’re not sure whether you should be filing an FBAR, always seek advice, as the IRS can access foreign bank data and non-filing penalties are steep. [read post]
15 Apr 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]
15 Apr 2021, 3:58 am by Bright!Tax Writers
FBAR and Form 8938 reporting Expats with a foreign company that has a foreign registered bank account often need to report it on an FBAR (Foreign Bank Account Report). [read post]
13 Apr 2021, 4:53 pm by Dennis N. Brager
In my post earlier today I quoted from IRS Notice 2021-83 issued on April 9th, which stated that the FBAR filing requirement deadline is still April 15, 2021, and that the Notice made no reference to the automatic extension. [read post]
13 Apr 2021, 10:33 am by Dennis N. Brager
Interestingly, in past years the IRS granted an automatic extension of time to file FBARs to October 15th for FBARs, but there is no mention of the automatic extension in the IRS notice. [read post]
30 Mar 2021, 1:30 am by Bright!Tax Writers
The IRS normally finds out either from the expat’s FBAR report for that year, or because the expat’s host country provides the expat’s foreign tax information under an information sharing agreement. [read post]
29 Mar 2021, 12:51 am by Bright!Tax Writers
This allows the IRS to enforce the requirements for Americans to file US taxes from abroad and to report their foreign accounts by filing an FBAR. [read post]
27 Mar 2021, 2:24 pm
If you own foreign financial assets, you may have an obligation to disclose these assets to the IRS. [read post]
15 Mar 2021, 8:08 am by Leora Friedman
For example, owners of foreign bank accounts, mutual funds, and brokerage accounts may need to submit a Report of Foreign Bank and Financial Accounts (FBAR) to the IRS. [read post]
24 Feb 2021, 11:19 pm by Bright!Tax Writers
Americans with foreign registered financial assets often also often have to file a Foreign Bank Account Report (FBAR) to FinCEN, the US financial crimes authority. [read post]
16 Feb 2021, 1:04 pm by Peter Connors
Whether or not cryptocurrencies are subject to FBAR filing, such holdings may have to be included on the IRS’s Form 8938, Statement of Specified Foreign Financial Assets. [read post]
15 Feb 2021, 2:28 pm by Bright!Tax Writers
This is also true in subsequent years: if you retain investments, bank accounts or perhaps a pension account registered abroad, you may still have to file an FBAR. [read post]
11 Feb 2021, 4:17 am by Bright!Tax Writers
The IRS is taking a greater interest in virtual currency holdings, and it recently announced that soon foreign held virtual currency accounts will have to be reported on FBARs alongside foreign bank and investment accounts. [read post]