DESKTOP VIEW

Archive for the ‘FBAR & Form 8938 FFA’ Category.

Virtual currency not FBAR reportable (at least for now)

FinCEN makes it clear that regulations (31 C.F.R. §1010.350(c)) do not define virtual currency held in an offshore account as a type of reportable FBAR Form 114 account. Tax practitioners and taxpayers alike have long grappled with whether virtual currency, aka cryptocurrency, is repo...

Click here for more

IRS reminds those with foreign assets of annual April 15 FBAR deadline, generally extendable to June or October 15, 2019

IRS reminds taxpayers of the Form 114 FBAR, Form 8938 Statement of Specified Foreign Financial Asset filing deadlines, not to worry as these are generally extended beyond April or June 2019 all the way to October 15, 2019.  Also of mention is the now defunct OVDP program and Streamlined. ...

Click here for more

Offshore Account Holders Should Beware: The IRS Is Still Coming

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

IRS: Offshore Voluntary Compliance Program to end Sept. 28

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

FinCEN Clarifies FBAR Due Date for Calendar Year 2017

FinCEN clarifies that, in line with the due dates for federal income tax returns,  (normally April 15 this year but April 15 falls on a Sunday and April 16 is Emancipation Day in DC) for the 2017 tax season the FBAR Form 114 is due on April 17.  Additionally, there is an automatic extens...

Click here for more

IRS Not Entitled to Summary Judgment; Willfulness of Failure to File FBAR

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 issu...

Click here for more

FinCEN Provides FBAR Relief to Victims of Hurricane Irma

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 ...

Click here for more

IRS Reminds Those with Foreign Assets of U.S. Tax Obligations; New Filing Deadline Now Applies to Foreign Account Reports

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

IRS Committed to Stopping Offshore Tax Cheating, Remains on List of Tax Scams for 2017

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

IRS Dirty Dozen Tax Scams 2016

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

Assessing the options when a client has unreported foreign assets

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

New Due Date for FinCEN Form 114, FBARs

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

Disclosing Offshore Bank Accounts Before Federal Watchdogs Do It For You

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

Offshore Voluntary Compliance Efforts Top $10 Billion

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 ob...

Click here for more

AICPA Calls for End to Duplicative Expatriate Tax Reporting Requirements

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

Second Circuit holds taxpayer not subject to IRS summons

In a decision limiting the ability of the IRS to compel a taxpayer to produce summonsed documents, the Second Circuit vacated and remanded a district court order compelling the defendant, Steven Greenfield, to comply with IRS summonses to produce documents related to his offshore accounts,...

Click here for more

Taxpayer Not Required to Comply with FBAR Reporting for Online Poker Gambling Accounts

ax News, Journals and Newsletters > Federal Tax > Federal Tax Day - Current > JUDICIARY > J.3, Taxpayer Not Required to Comply with FBAR Reporting for Online Poker Gambling Accounts (Hom, CA-9), (Jul. 29, 2016) A poker player’s accounts at two online poker websites...

Click here for more

U.S. Mining Swiss Bank Data to Find Tax Cheats

By Laura Saunders The Justice Department has begun scrutinizing thousands of U.S. taxpayers' Swiss bank accounts to compare bank information with what the taxpayers have reported to the Internal Revenue Service. Discrepancies between accounts and filings could trigger prosecutions, s...

Click here for more

Don’t Forget to Report Certain Foreign Accounts to Treasury by the June 30 Deadline

WASHINGTON—The Internal Revenue Service today reminded taxpayers who have one or more bank or financial accounts located outside the United States, or signature authority over such accounts that they may need to file an FBAR by Thursday, June 30. By law, many U.S. taxpayers with forei...

Click here for more

International Taxpayers; June Filing Deadlines Nearing for Most Americans Abroad

WASHINGTON — The IRS also today reminded U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2015, that they may have a U.S. tax liability and a filing requirement in 2016. The IRS encourages taxpayers with foreig...

Click here for more

Foreign Account Filings Top 1 Million; Taxpayers Need to Know Their Filing Requirements

WASHINGTON – Strong and sustained growth of taxpayers complying with foreign financial account reporting reflects improving awareness and compliance of this important part of offshore tax rules, the Internal Revenue Service said today. "Taxpayers here and abroad need to take their off...

Click here for more

Offshore Compliance Programs Generate $8 Billion; IRS Urges People to Take Advantage of Voluntary Disclosure Programs

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

Last-Minute Reminder: Report Certain Foreign Bank and Financial Accounts to Treasury by June 30

WASHINGTON—The Internal Revenue Service today reminded everyone who has one or more bank or financial accounts located outside the United States, or signature authority over such accounts that they may need to file an FBAR by next Tuesday, June 30. FBAR refers to Form 114, Report of F...

Click here for more

IRS Deadlines Loom for Taxpayers With Offshore Accounts

RS reminds taxpayers of important June deadlines for FATCA and FBAR filings IRS reminds taxpayers with overseas accounts of some important dates. The Internal Revenue Service on Wednesday reminded taxpayers with offshore accounts of two important June deadlines related to Foreign B...

Click here for more

Don’t Miss Tax Filing Deadlines Related to Foreign Income & Assets

All U.S. citizens and residents must report worldwide income on their federal income tax return. If you lived outside the U.S. on the regular due date of your tax return, the extended filing deadline for your 2014 tax return is Monday, June 15, 2015. Similarly, the deadline to report inte...

Click here for more

Taxpayers with Foreign Assets May Have FBAR & FATCA Filing Requirements in June

WASHINGTON—The Internal Revenue Service today reminded all taxpayers with an FBAR filing requirement to report their foreign assets by the June 30 deadline. FBAR filings have risen dramatically in recent years as FATCA phases in and other international compliance efforts have raised awar...

Click here for more

IRS Reminds Those with Foreign Assets of U.S. Tax Obligations

WASHINGTON — The Internal Revenue Service  today reminded U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2014, that they may have a U.S. tax liability and a filing requirement in 2015. Most People Abroad Ne...

Click here for more

Hiding Money or Income Offshore Among the ‘Dirty Dozen’ List of Tax Scams for the 2015 Filing Season

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

Pressure Builds on US Taxpayers with Foreign Accounts

By Robert Barnett, CPA, JD, MS (taxation) and Renato Matos, JD, LLM (taxation) The Foreign Account Tax Compliance Act of 2010 (FATCA) has manifested outside the United States in recent months, as a result of an agreement announced on Aug. 29, 2013, between the U.S. Department of Justice a...

Click here for more

June 16 Deadline Approaches for Taxpayers Living Abroad as US Expats

WASHINGTON — Taxpayers abroad qualifying for an automatic two-month extension must file their 2013 federal income tax returns by Monday, June 16, according to the Internal Revenue Service. The June 16 deadline applies to U.S. citizens and resident aliens living overseas, or serving i...

Click here for more

Voluntary Disclosures of Offshore Accounts Reach 43,000, Justice Official Said

Voluntary Disclosures of Offshore Accounts Reach 43,000, Justice Official Says, (Mar. 19, 2014) Voluntary disclosures of offshore accounts held by U.S. account holders have reached 43,000, Department of Justice (DOJ) Assistant Attorney General (Tax Division) Kathryn Kenneally said on ...

Click here for more

McCain Urge Justice Department to Seek Extradition in Tax Evasion Cases

Tax News, Journals and Newsletters > Federal Tax > Federal Tax Day - Current > CONGRESS > C.1, Levin, McCain Urge Justice Department to Seek Extradition in Tax Evasion Cases, (Mar. 20, 2014) Senate Homeland Security and Governmental Affairs Permanent Subcommit...

Click here for more

What to Do When a Client Has an Undisclosed Foreign Account

Weighing the options requires a thorough understanding of risks. BY SCOTT H. NOVAK, ESQ. DECEMBER 2013 CPAs often have clients with an interest in or signature authority over a foreign account. The IRS has emphasized compliance in reporting requirements for U.S. ...

Click here for more

Form 8938 – No Requirement to File with Forms 1120, 1120S, 1065 & 1041 for TY 2012

The IRS has received some Form 8938 submissions from Domestic Entity filers for TY12. Please be advised that these entities are not required to file Form 8938 for TY12. The IRS anticipates issuing regulations in the future that will require a domestic entity to file Form 8938 if the...

Click here for more

IRS Reminds Those with Foreign Assets of U.S. Tax Obligations

IRS Reminds Those with Foreign Assets of U.S. Tax Obligations IR-2013-54, May 23, 2013 WASHINGTON — The Internal Revenue Service reminds U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2012, that they may ...

Click here for more

US Expat Taxes Explained: Filing IRS Form 8938

US Expat Taxes Explained: Filing IRS Form 8938 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 ...

Click here for more

FBAR: Do You Need to Report Your Foreign Bank Accounts?

FBAR: Do You Need to Report Your Foreign Bank Accounts? 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 wi...

Click here for more

Protax Consulting Services Seven Penn Plaza, Suite 416
New York, NY 10001
Tel 212.714.9070
Fax 212.714.6654
protax@protaxconsulting.com

Member and Featured Faculty of:

American Institute of Certified Public Accountants

New York State Society of Certified Public Accountants

NYSSCPA’s 100%
Membership Program

Association of International Tax Consultants, U.S. Member

CCH Wolters Kluwer Faculty

Lawline Faculty

Furthered Faculty

Strafford Faculty

Clear Law Institute Faculty

Clear Law Institute Faculty

Contact Us for U.S.
International Individual Tax

wherever you are, .
wherever you go
- Download our FREE apps -


Download the Protax App on the App Store

Download the Protax App on Google Play

Member and Featured Faculty of:

  • American Institute of Certified Public Accountants
  • NYSSCPA’s 100% Membership Program
  • Association of International Tax Consultants, U.S. Member
  • Faculty
  • Faculty