Archive for the ‘FBAR & Form 8938 FFA’ Category.
February 28, 2023, 11:00 am
Huge news- The US Supreme Court on February 28, 2023 holds in a decision on Bittner, No. 21-1195 (U.S. 2/28/23)) vs. (Boyd, 991 F.3d 1077 (9th Cir. 2021)) that the $10,000 non willful FBAR Form 114 penalty is per report, not per account!
The U.S. Supreme Court held Tuesday in a 5-4 decisi...
Click here for more October 16, 2022, 2:49 pm
IRS reminds taxpayers in IR-2022-174 of the Form 114 FBAR, that the extended October 17, 2022 deadline is approaching!
Filers affect by a natural disaster in Puerto Rico, Florida, North Carolina and South Carolina may have their FBAR due date further extended.
WASHINGTON – The Inte...
Click here for more October 11, 2021, 1:10 pm
Notice- October 5, 2021- The Financial Crimes Enforcement Network (FinCEN) announced that victims of Ida and the CA wildfires and Tropical storm Fred have until December 31, 2021 to file their FBAR Form 114. FinCEN is offering this expanded relief to any area designated by the Federal E...
Click here for more January 14, 2021, 1:17 pm
FinCEN (Financial Crimes Enforcement Network) on December 31, 2020 advised filers that although accounts holding virtual currency are not currently considered a reportable account, it to pros=pose shortly changes that will require virtual currency accounts reportable under 31 CFR 1010.350(...
Click here for more August 30, 2020, 12:32 pm
The district court in the matter of Bittner (DC TX 6/29/2020), concluded that the penalty for a non-willful FBAR violation relates to each FBAR Form 114 not timely or properly filed rather than to each foreign financial account maintained but not timely or properly reported. Only time wil...
Click here for more November 14, 2018, 12:00 am
Though time has run out for taxpayers to make a complete disclosure and avail themselves of the program benefits of the Offshore Voluntary Compliance Program (OVDP) for Willful taxpayers as of September 28,. 2018, taxpayers can still voluntarily reveal their offshore assets and in the case...
Click here for more October 18, 2018, 12:00 am
56,000 taxpayers later amounting to 11.1 billion dollars the Offshore Voluntary Compliance Program (OVDP) for Willful taxpayers who have not reported all of their income, and or FBARs Form 114 and/ or FFA on Form 8938 has come to an end on September 28, 2018. Have no worry the Streamline...
Click here for more February 28, 2018, 12:00 am
Shame on the IRS. Court rules that whether the individual willfully failed to submit an accurate FBAR was an inherently factual question that could not be resolved by summary judgment, since this deals with intent of the taxpayer.
The IRS was not entitled to summary judgment on the issue ...
Click here for more September 20, 2017, 12:00 am
In a compassionate move realizing the extent devastation from Hurricane Irma to taxpayers in FEMA designated areas, FinCEN has extended the October 16, 2017 FBAR Form 114 deadline to January 31, 2018.
Virgin Islands, Puerto Rico, and parts of Florida now eligible, extension filers have un...
Click here for more September 19, 2017, 12:00 am
WASHINGTON — The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement. At the same time, the agency advised anyone with a foreign bank or financial account tha...
Click here for more February 24, 2017, 12:00 am
For the third year, the IRS has compiled an official list of top tax scams, dubbed the Dirty Dozen. And again, offshore tax cheating has earned a place on the list. Recently, the IRS boasted of obtaining more than half a million disclosures of unreported offshore money from dodgers and...
Click here for more February 23, 2017, 12:00 am
Every year the IRS compiles a Dirty Dozen list of the most prevalent tax scams for the previous year. Topping the recently published 2017 report are phone scams, phishing, and one that really hits home: Return Preparer Fraud.
"The vast majority of tax professionals provide honest, high...
Click here for more December 29, 2016, 12:00 am
Recently, many tax return preparers have learned that a number of their clients failed to report their interest in a foreign bank account, corporation or trust to the IRS. Because the Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to report their U.S. de...
Click here for more December 27, 2016, 12:00 am
Who needs to fill out a Form 114, Report of Foreign Bank and Financial Accounts (FBAR)? According to The Bank Secrecy Act, P.L. 91-508 “[e]ach United States person having a financial interest in, or signature or other authority over, a bank, securities, or other financial account in a fo...
Click here for more December 15, 2016, 12:00 am
If you are a U.S. citizen and have offshore bank accounts you better make sure you are in full compliance with U.S. tax laws and that you have disclosed all necessary information. The Department of Justice (DOJ) is determined to find offenders and has restarted their engine on identifying ...
Click here for more October 31, 2016, 12:00 am
Undisclosed Offshore Accounts
WASHINGTON — As international compliance efforts pass several new milestones, the Internal Revenue Service reminds U.S. taxpayers with undisclosed offshore accounts that they should use existing paths to come into full compliance with their federal tax obli...
Click here for more August 30, 2016, 12:00 am
Duplicative Expatriate Tax Reporting Requirement
The tax compliance process for certain Americans living overseas should be simplified through targeted elimination of certain duplicative reporting requirements, the American Institute of CPAs (AICPA) has recommended in an...
Click here for more October 19, 2015, 12:00 am
WASHINGTON—With more than 54,000 taxpayers coming in to participate in offshore disclosure programs since 2009, the Internal Revenue Service today reminded U.S. taxpayers with undisclosed offshore accounts that they should strongly consider existing paths established to come into full co...
Click here for more January 29, 2015, 12:00 am
WASHINGTON — The Internal Revenue Service today said avoiding taxes by hiding money or assets in unreported offshore accounts remains on its annual list of tax scams known as the “Dirty Dozen” for the 2015 filing season.
"The recent string of successful enforcement actions against o...
Click here for more January 19, 2013, 12:00 am
What is the FBAR?
Although many expats fail to acknowledge their obligation to file US taxes while living overseas, there are other filing obligations that expats must be aware of to avoid high penalties and stay 100% compliant with the US government.
While the IRS wants tax returns, t...
Click here for more January 19, 2013, 12:00 am
How to File IRS Form 8938 for Your US Expat Taxes
Just when you thought dealing with US expat taxes couldn’t get more complex, along comes another form that some US citizens living abroad must file: IRS Form 8938, Statement of Specified Foreign Financial Assets. New for 2011, the 8938 i...
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