The United States Government makes it a point to be aware of financial holdings that Americans own abroad. Perhaps you’ve been living overseas and have set up bank accounts there. Maybe you live in Georgia or another state and have power of attorney for financial...
Foreign Bank Accounts
Can the IRS go after foreign assets to settle a tax bill?
The Internal Revenue Service (IRS) has many tools in its toolbox to collect on tax debt. When it comes to domestic options, it can use legal tools like a levy on accounts or it can choose to garnish wages. Those with assets in foreign accounts or who own foreign...
When is the FBAR due and what happens if I do not file?
The United States Department of Treasury expects those who have a foreign account with a combined value at or above $10,000 at any point in the tax year to file a Report of Foreign Bank and Financial Accounts (FBAR) by April 15. This tax form is different from...
FBAR dispute? Two possible arguments to fight back.
US citizens, residents, and corporations must generally file a Report of Foreign Bank and Financial Accounts (FBAR) if they have a financial interest or signatory authority over foreign financial accounts that have an aggregate value over $10,000 at any time during...
What if I forgot to file an FBAR?
The Internal Revenue Service (IRS) and United States Department of Justice (DOJ) continue to crackdown on taxpayers who fail to disclose foreign assets. The United States Tax Code requires taxpayers disclose these assets in various situations. For example, tax law...
Will I go to jail if I forgot to disclose foreign assets on my taxes?
The United States Tax Code requires taxpayers disclose certain income and assets. In some cases, this extends to include foreign assets and accounts. As discussed in a previous post, available here, the Internal Revenue Service (IRS) and Treasury Department generally...
How do I report FBAR?
If you’re starting to collect your income tax-related documents to take to your tax return preparer, don’t forget those for any financial accounts you have outside the U.S. Any U.S. Citizen or resident with a total of over $10,000 in assets in all bank accounts...
Why would anyone admit to the IRS that they hid foreign assets?
Voluntary disclosure means intentionally acknowledging that you broke the rules. In the financial world, voluntary disclosure often refers to an Internal Revenue Service (IRS) program aimed at those with valuable foreign assets. Essentially, the IRS has asked those...
Your FBAR obligations when you purchase or sell real estate abroad
Purchases of real estate abroad used to be a relatively uncommon occurrence -- but the prospect of owning foreign real estate has grown in popularity over the past few decades. Nowadays, many individuals own second homes or vacation rentals abroad. This increase in...
What to know about your obligation to file an FBAR form
If you’re a United States citizen who had or has money in a foreign bank account, then take note. Are you familiar with the Foreign Bank Account Report (FBAR) Form 114? It's imperative that you are. There are stiff penalties that exist if you neglect to fill this...