Qian Wang

Qian Wang

Buchanan Ingersoll & Rooney PC

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IRS New Guidance Significantly Reduces Maximum FBAR Penalties

To moderate the draconian Foreign Bank and Financial Accounts (FBAR) violation penalties under Title 31 of the U.S. Code, the IRS just published guidance that significantly reduces willful and non-willful FBAR violations....more

6/26/2015 - FBAR Foreign Bank Accounts Foreign Financial Assets IRS New Guidance Penalties Willful Violations

June 30 Deadline: Foreign Financial Account and Asset Reporting Obligations

Do you maintain bank accounts outside the U.S.? Do you own any foreign financial assets, such as foreign stock or a loan to a foreign person? If you do, you should be aware that you may have extra reporting obligations to the...more

6/22/2015 - FBAR FinCEN Foreign Bank Accounts Foreign Entities Foreign Ownership Reporting Requirements

Innocent Spouse Relief and Recent Guidance

Generally, when you and your spouse file joint income tax returns, the law makes both you and your spouse responsible for the entire tax liability. This is called joint and several liability. Both spouses remain 100 percent...more

6/15/2015 - Federal Taxes Income Taxes Innocent Spouse Exception IRS Joint and Several Liability Joint Tax Returns

DEADLINE: Foreign Bank Account Reports Due June 2015

Any U.S. person who has a financial interest in or signature authority over one or more foreign financial accounts with an aggregate value over $10,000 (on any day of the year) must report the accounts to the Treasury...more

5/18/2015 - FBAR Filing Deadlines FinCEN U.S. Treasury

Deadline: Foreign Bank Account Reports Due June 30, 2014

Any U.S. person who has a financial interest in or signature authority over one or more foreign financial accounts with an aggregate value over $10,000 (on any day of the year) must report the accounts to the Treasury...more

5/2/2014 - FBAR FinCEN Offshore Banks Offshore Funds Reporting Requirements U.S. Treasury

Is Your Tax Return Being Audited? Know What To Do!

For most people, when their income tax returns are being selected for examination by the IRS, their first reaction is panic. No need to worry. In such a situation, you should know what to do next, what to expect next, and...more

1/24/2014 - Audits Deficiency Notices IRS Tax Appeals Tax Returns

Plan Sponsors of 401(k) Plans/Pension Plans: Must Recognize Same Sex Married Couples Effective September 16, 2013

On August 29, 2013, the Internal Revenue Service (IRS) ruled that for federal tax purposes, spouse includes an individual who is legally married to a same-sex individual under state law. This Revenue Ruling 2013-17 has a...more

9/10/2013 - 401k Benefit Plan Sponsors DOMA IRS Marriage Pensions Retirement Plan Same-Sex Marriage SCOTUS U.S. Treasury US v Windsor

FBAR Filing By Third Parties and Spouses

U.S. persons who maintain bank accounts overseas with high balances are required to file the Foreign Bank and Financial Accounts Reports (FBARs) each year. Effective July 1, 2013, all FBARs must be filed electronically using...more

8/27/2013 - E-Filing FBAR FinCEN

Deadline: Foreign Bank Account Reports Due June 30, 2013

Any U.S. person who has a financial interest in or signature authority over one or more foreign financial accounts with an aggregate value over $10,000 (on any day of the year) must report the accounts to the Treasury...more

6/11/2013 - Electronic Filing Foreign Bank Accounts Foreign Banks U.S. Treasury

Built-In Gains Shortened Holding Period Extended By New Tax Bill

Generally, if a corporation converts from a C corporation to a subchapter S corporation, the corporation must hold its appreciated assets for at least 10 years or, otherwise, the corporation must pay taxes (which could be as...more

1/18/2013 - C-Corporation Capital Gains Conversion S-Corporation

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