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

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 where they are not

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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 Streamlined

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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

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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 issue of

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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 until January 31, 2018 to

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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 that a new deadline

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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 recovery of $9.9 billion

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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 quality service.” But there

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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. depositors to the IRS, the

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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 foreign country”

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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 tax

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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 obligations. Updated data shows 55,800 taxpayers have come into the Offshore

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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 August 15 letter to the U.S. Department of the Treasury and the Internal Revenue Service

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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, holding that the foregone-conclusion doctrine

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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 were not foreign financial accounts for purposes of the Foreign Account Tax Compliance

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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, said Nanette Davis, a senior lawyer with the Justice Department’s Tax

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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 foreign accounts exceeding certain thresholds

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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 foreign assets,

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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 offshore tax and filing obligations seriously,” said IRS Commissioner

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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 compliance with their federal tax obligations. Both the Offshore Voluntary Disclosure Program

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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 Foreign Bank and

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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 Bank and Financial Accounts filings and the Foreign Account Tax Compliance

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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 interests in

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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 awareness among taxpayers with offshore assets. The IRS

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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 Need to File

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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 offshore tax cheats and the

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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 and the

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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 in the military outside the U.S. on the

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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 March 18. Speaking with Scott Michel of Caplin & Drysdale Chartered

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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 Subcommittee on Investigations lawmakers on March 18 urged the Department of Justice (DOJ) to seek extradition of Swiss

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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. owners of foreign accounts, but many taxpayers may still

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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 entity is formed or

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

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

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

FBAR: Do You Need to Report Your Foreign Bank

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