Category: Foreign Bank Account Reporting (FBAR – FinCen Form 114)
Panama Papers – Explained
May 04, 2016
All the recent scandal about the Panama Papers and tax havens and shell companies bring to light the hornet’s nest that FATCA has been stirring up. The media makes it sound like having…
Foreign Account Tax Compliance Act (FATCA)–The New F Word
Apr 19, 2016
The Skinny On The Foreign Account Tax Compliance Act (FATCA) How Is It Impacting You? It’s what Swiss bank executives yelled out when they received fines for aiding American citizens in hiding assets…
Hiding Offshore Income On The IRS “Dirty Dozen” List
Mar 23, 2016
Avoiding Taxes With Offshore Income The IRS has stated that avoiding taxes by hiding Offshore Income or overseas assets in unreported offshore accounts remains on its annual list of tax scams known as…
FBAR Filing Requirements – What You Need To Know
Mar 16, 2016
FBAR Disclosures Top 1 Million Yesterday, the IRS announced that FBAR disclosures topped 1 million filings to a record of 1,163,229 FBARs, up more than 8 percent from the year prior. As awareness…
Cayman Island Offshore Accounts
Mar 13, 2016
Two Cayman Island Financial Institutions Plead Guilty in Manhattan Federal Court to Conspiring to Hide More Than $130 Million in Cayman Island Offshore Accounts U.S. Attorney Preet Bharara for the Southern District of…
Delinquent FBAR Submission Procedures And FBAR Quiet Disclosures
May 02, 2015
FBAR Quiet Disclosures FBAR Quiet Disclosures are strongly discouraged by the IRS. While it is tempting to fly under the radar, particularly when the next best option is voluntary disclosure and mandatory penalties…
FBAR Disclosure
Mar 02, 2015
FBAR Disclosure – Disclosing Your Foreign Accounts An FBAR disclosure of your foreign accounts is part of your civic responsibility. As a US citizen or permanent resident, you are expected to report all…
Delinquent FBAR
Feb 19, 2015
What Is The FBAR? The Report of Foreign Bank and Financial Accounts (FBAR) form is a Treasury information document, separate from your annual IRS income tax return, that details your activity with any…
Unreported Offshore Accounts – It’s Time To Stop Hiding Money Offshore
Jan 31, 2015
Hiding Money or Income Offshore Among the “Dirty Dozen” List of Tax Scams for the 2015 Filing Season The Internal Revenue Service recently announced on January 28, 2015 that avoiding taxes by hiding…
International Data Exchange – What Does This Mean For Reporting Your Foreign Bank Account Reporting
Jan 13, 2015
International Data Exchange On January 12, 2015, the IRS announced the opening of the International Data Exchange Service (IDES) for enrollment. Financial institutions and host country tax authorities will use IDES to securely…