News & Analysis as of

Foreign Bank Accounts

Avoid this while filing your taxes

by Foodman CPAs & Advisors on

To avoid possible scrutiny or oversight by the IRS, Accuracy is a key factor when filing Tax Returns. Taxpayers want to make sure that their returns are processed correctly by the IRS. ...more

Internal Revenue Service Reminds Taxpayers To Report Offshore Bank Accounts On FBAR Form

by Fox Rothschild LLP on

The Internal Revenue Service has issued its annual reminder to taxpayers that they report their foreign assets on their individual tax returns due on April 17, 2018. Individuals with offshore assets such as bank accounts...more

The 2018 IRS Dirty Dozen,Part III: Abusive Tax Shelters, Offshore Tax Schemes, and Frivolous Tax Arguments

by Moskowitz LLP on

In this post we continue our coverage of tax evasion schemes with three that make it to the IRS Dirty Dozen list every year: Abusive tax shelters, offshore tax schemes, and frivolous tax arguments....more

IRS Closing the Offshore Voluntary Disclosure Program for Taxpayers with Foreign Assets

by Taylor English Duma LLP on

The IRS recently announced that it will be discontinuing the Offshore Voluntary Disclosure Program (“OVDP”) on September 28, 2018. Taxpayers wanting to enter the Offshore Voluntary Disclosure Program must postmark their...more

Mixed Funds – Limited Window for Cleansing Until 5 April 2019

• Individuals that are UK tax resident and non-UK domiciled have the ability until 5 April 2019 to cleanse their mixed overseas funds and accounts. • Affected individuals should act now to review their position and assess...more

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

by McNair Law Firm, P.A. on

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

IRS to end Offshore Voluntary Disclosure Program in September

by Dentons on

The IRS has announced that it will begin winding down its Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. Under the OVDP, a taxpayer with undisclosed foreign assets or income could come forward to pay tax,...more

IRS Releases Draft FATCA Compliance Certification Forms, Indicates July 1 Deadline May Be Extended By 90 Days

by Fox Rothschild LLP on

The Foreign Account Tax Compliance Act (FATCA) requires a foreign financial institution to appoint a “Responsible Officer” who is obligated to submit periodic compliance certifications to the Internal Revenue Service...more

IRS to Terminate Offshore Voluntary Disclosure Program

by McGuireWoods LLP on

On March 13, 2018, the Internal Revenue Service announced that the 2014 Offshore Voluntary Disclosure Program (OVDP) will terminate on Sept. 28, 2018. This has important implications for U.S. taxpayers that have willfully...more

U.S. Internal Revenue Service Cancels Offshore Amnesty Program

by Butler Snow LLP on

The U.S. Internal Revenue Service has just announced that it will end the Offshore Voluntary Disclosure Program (“OVDP”) on 28 September 2018. ...more

Foreign Account Reporting: Time Limit for IRS Action

by Moskowitz LLP on

To conduct an audit or otherwise take action on a tax return, the IRS must generally act within three years from the later of either the return’s due date or the date it was filed. That time limit may be extended to six years...more

Offshore Accountholders Beware: New DOJ Sentencing Policy For FBAR Cases Is A Game-Changer

by Fox Rothschild LLP on

The Justice Department’s Tax Division has recently announced a major policy shift that will invariably result in longer jail sentences for individuals convicted of failing to report their offshore bank accounts on the FBAR...more

FBARs 101

by Foodman CPAs & Advisors on

US Taxpayers (which includes US Citizens, Permanent Residents, Trusts, Estates, and Domestic Entities) with an interest in foreign financial accounts that meet the reporting threshold of an aggregate value exceeding $10,000...more

Wire Transfer Audits and FATCA: What Every Taxpayer Needs to Know

FATCA: The Foreign Account Tax Compliance Act was signed into law by President Obama on March 18, 2010. There are two purposes for FATCA....more

FinCEN Clarifies Upcoming FBAR Due Date For Calendar Year 2017

by Fox Rothschild LLP on

Today the Treasury Department’s Financial Crimes Enforcement Network posted a “FBAR Due Date Clarification” on its website, which confirms that the annual filing deadline for FinCEN Form 114 (commonly referred to as the FBAR...more

A Day Of Reckoning For Recalcitrant Taxpayers?

by Carlton Fields on

Following disclosures by UBS whistleblower Bradley Birkenfeld, the IRS launched an aggressive enforcement campaign against undeclared offshore income and financial accounts in 2009. Over time, it has offered a series of...more

¿Será la pregunta para el año 2017: ¿tiene cuentas financieras extranjeras?

by Foodman CPAs & Advisors on

Desde la crisis financiera mundial que comenzó en el 2007, los contribuyentes Estadounidenses e Internacionales han estado bajo un escrutinio creciente. El sistema financiero ha sido fuertemente regulado y monitoreado de...more

Will the question for the Year 2017 be: Do you have Foreign Financial Accounts?

by Foodman CPAs & Advisors on

Since the Global Financial Crisis that began in 2007, domestic and international Taxpayers have been under increasing scrutiny. The financial system has been heavily regulated and closely monitored. In addition, the US Tax...more

FBAR Filing Deadline Further Extended

by Morgan Lewis on

Certain individuals who have only signature authority over foreign financial accounts now have until April 15, 2019 to file the Report of Foreign Bank and Financial Accounts....more

US prosecutors seek tenfold increase in offshore evasion sentences

by Sanford Millar on

A conviction for failure to report offshore financial account now carries a far greater risk of a lengthy prison term according to Mark Daly, senior litigation counsel at the U.S. Department of Justice. US prosecutors seek...more

DOJ Announces Major New Shift in Criminal Sentencing in Offshore Tax Matters

At the 34th Annual National Institute on Criminal Tax Fraud in Las Vegas yesterday afternoon, Mark Daly, DOJ Tax Division Senior Litigation Counsel announced a major new shift in how the Department of Justice plans to argue...more

On Eve Of “Paradise Papers” Release, At-Risk Individuals Should Consider Immediate Action To Mitigate Potential For Criminal...

by Fox Rothschild LLP on

Tomorrow morning (November 17) the International Consortium of Investigative Journalists (ICIJ) is set to release publicly the first set of comprehensive data from the recent “Paradise Papers” leak. The initial data will...more

Undisclosed Foreign Accounts, Part II

by Moskowitz LLP on

The executor of a decedent’s estate has a duty to act in a prudent manner and in accordance with the law. At times, this may result in having to take an unpopular position or action that angers the beneficiaries....more

Undisclosed Foreign Accounts

by Moskowitz LLP on

Serving as Executor can at times be more of a headache than an honor. On top of a pile of paperwork and dealing with a multitude of family issues, you can be sued!...more

The Manafort Indictment and what it means to you.

by Sanford Millar on

On October 30, 2017 Paul Manafort, the former campaign chair for president Donald Trump was indicted by a Federal Grand Jury in the District of Columbia. The charges arise from Manafort's unregistered consulting and...more

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