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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...
The Internal Revenue Service (IRS) wants to know about all assets, even those that are in foreign bank accounts. According to the Bank Secrecy Act, the Treasury Department wants foreign bank account owners to report these accounts by using a Report of Foreign Bank and...
The tax filing deadline for 2020 is quickly approaching. For those who have money in foreign bank accounts or own foreign mutual funds, you need to be careful to report those assets correctly. If you don’t, you can face a massive tax penalty, sometimes up to $100,000....
The idea of keeping money in an account outside the U.S. has always held some intrigue for many Americans. Having a Swiss bank account identified by a number rather than your name used to be the epitome of secrecy for the rich and famous who wanted to hide money from...
If you have been contacted by the IRS requesting that you schedule an appointment to examine your compliance with the requirement to file FinCEN Report 114, Report of Foreign Bank and Financial Accounts (FBAR), an experienced legal and tax professional can help...
The Fixing America’s Surface Transportation (FAST) Act allows the IRS to notify the State Department with the names of those taxpayers certified as owing a seriously delinquent tax debt, which is currently $52,000 or more. Federal law, through the Internal...
Once you’ve determined that you are eligible to use the Streamlined Filing Compliance Procedures, there are many documents and forms you’ll need to submit for processing. You also need to send a full payment of any back taxes, interest, and penalties due. The...
The Streamlined Filing Compliance Procedures offer taxpayers a less costly alternative for disclosing their unreported offshore accounts. There are several eligibility criteria. Make sure you meet all of them before using this offshore disclosure method....
Even if they are also citizens of another country, U.S. citizens have several tax obligations to comply with each year: They need to file tax returns if they have a filing requirement. They must report all worldwide income. They must file a Foreign Bank Account Report...
The general rule is that a Foreign Bank Account Report (FBAR) must be filed if the aggregate value of the taxpayer’s foreign accounts exceeded $10,000 at any time during the year. This requirement seems simple, but there are some important details to consider when...