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Foreign Account Tax Compliance Act › Foreign Bank Account Report › Foreign Bank Accounts

The Foreign Account Tax Compliance Act is a United States federal statute enacted in 2010 as part of the Hiring Incentives to Restore Employment Act (HIRE Act). FATCA aims to improve compliance of U.S. taxpayers... more +
The Foreign Account Tax Compliance Act is a United States federal statute enacted in 2010 as part of the Hiring Incentives to Restore Employment Act (HIRE Act). FATCA aims to improve compliance of U.S. taxpayers by capturing tax revenue related to foreign assets and off-shore accounts.  less -
Foodman CPAs & Advisors

IRS: Las Cuentas Financieras “Offshore” NO pasarán Inadvertidas

Foodman CPAs & Advisors on

El 15 de marzo del 2019, el IRS informó que la ocultación de dinero o activos en cuentas extraterritoriales (“offshore”) no declaradas permanece en la lista de las estafas tributarias conocidas come la Docena Sucia o "Dirty...more

Foodman CPAs & Advisors

IRS: Offshore Financial Accounts will NOT go Unnoticed

Foodman CPAs & Advisors on

On March 15, 2019, IRS reported that hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019....more

Burr & Forman

IRS Announces End to Foreign Bank Account Disclosure Program: What Can You Do Now If You Still Have Unreported Foreign Bank...

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The IRS recently announced it will be shutting down its successful Offshore Voluntary Disclosure Program (OVDP) for unreported foreign bank accounts and income. The program will end September 28, 2018. Under the OVDP, first...more

Foodman CPAs & Advisors

FBAR Penalty Amounts are in the “Best Judgement” of an IRS Examiner

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The Report of Foreign Bank and Financial Accounts (FBAR) is not a tax form. Its filing is not required by the Internal Revenue Code. It is required by Title 31 of the Code of Federal Regulations. Title 31 is the Bank Secrecy...more

Pillsbury Winthrop Shaw Pittman LLP

New Due Date for “FBAR” Filings - Report of Foreign Bank and Financial Accounts now due on Tax Day, with auto-extension for six...

Pillsbury Winthrop Shaw Pittman LLP on

Federal law requires U.S. citizens and resident aliens to report world-wide income, including income from foreign trusts, bank and securities accounts. In addition to attaching Schedule B to their tax returns disclosing...more

Burr & Forman

New Extended Due Dates for Foreign Bank Account Reports (FBAR)

Burr & Forman on

All U.S. citizens and permanent residents are required to annually file a U.S. income tax return reporting their worldwide income from all sources. Additionally, U.S. citizens and permanent who have an interest in or...more

Gerald Nowotny - Law Office of Gerald R....

Sonhos Interrompidos - Como uma não conformidade tributária pode destruir o Sonho Americano de imigrantes não registrados - Parte...

Gerald Nowotny - Law Office of Gerald R.... on

Panorama - A Parte I desta série teve enfoque no pesadelo e problema imprevisto de declarações de impostos não apresentadas para imigrantes não registrados. As consequências de "empurrar o problema com a barriga"...more

Gerald Nowotny - Law Office of Gerald R....

Broken Dreams - How Tax Non-Compliance Can Destroy the American Dream of Undocumented Immigrants - Part 2

Gerald Nowotny - Law Office of Gerald R.... on

Part I of this series focused on the unforeseen nightmare and problem of unfiled tax returns for undocumented immigrants. The consequences of “kicking the can down the road”, will have significant legal and financial...more

Foodman CPAs & Advisors

Don’t Let The I.R.S. Define Your Conduct As Willful, or Else………

Foodman CPAs & Advisors on

Something that most of us don’t realize is that Internal Revenue Service has stated that the taxpayer is responsible to learn IRS requirements within the historic U.S. framework of a voluntary reporting system. The IRS...more

Ballard Spahr LLP

Failure to Report Foreign Accounts is Illegal, IRS Warns

Ballard Spahr LLP on

Maintaining a foreign bank or other financial account is not illegal. Such accounts are increasingly common, as the globe shrinks. However, in the case of U.S. citizens or residents (and certain non-residents), failing to...more

Blank Rome LLP

Annual Estate Planning Newsletter: Part Five

Blank Rome LLP on

Action Item: This is the fifth installment of our Annual Estate Planning Newsletter, and focuses on foreign matters. We urge you to review this installment to ensure that your 2016 estate and tax planning is in order. ...more

Blank Rome LLP

IRS Reminds Taxpayers with Foreign Assets of Their FBAR/FATCA Obligations As Key Deadline Approaches

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Today the Internal Revenue Service issued two public notices reminding taxpayers of their obligations to report foreign assets as the June 30 FBAR deadline fast approaches. Each notice referred to the extensive guidance...more

Latham & Watkins LLP

Top 10 Foreign Bank Account Reporting (FBAR) Mistakes (And How to Fix Them)

Latham & Watkins LLP on

While FBAR reporting rules are frequently misunderstood, US persons have several options to correct mistakes, before the government learns of the non-compliance. June 30th is the annual deadline for filing a Foreign...more

Blank Rome LLP

2015 Estate and Tax Planning

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Blank Rome’s annual estate planning newsletter discusses certain concepts and techniques that we hope may be of interest to our clients and friends....more

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