Tags » FBAR

There Is No Place to Hide from IRS Scrutiny

http://www.hg.org/article.asp?id=30775

Some people considering an IRS voluntary disclosure of their foreign income and assets don’t do so because they fear prosecution.

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Lance Wallach

Should You Close Your Foreign Bank Account

Wouldn’t it be nice if we lived in a fair world? Wouldn’t it be nice if the IRS gave the little guy a break? Unfortunately, that’s just not the way it is. 38 more words

Lance Wallach

Fatca, Fbar, Offshore Amnesty Large Fines Coming

http://www.hg.org/article.asp?id=31493

Overseas banks are warning current and former U.S. clients that their names and information soon will be disclosed and that such disclosure will disallow the taxpayer’s entry into the IRSs amnesty program for undeclared offshore accounts. 7 more words

Lance Wallach

Revenue from the Offshore Voluntary Disclosure Initiatives (OVDI), FBAR, and FATCA

On June 18, 2014, IRS Commissioner John Koskinen disclosed that the 2009, 2011, and ongoing 2012 OVDIs have generated more than 45,000 disclosures and the collection of about $6.5 billion in taxes, interest and penalties. 111 more words

AEoI

Offshore Voluntary Disclosure Initiative (OVDI) leads to average $2,220 a year FBAR penalty for $17 dollar tax understatement

Disclosures and Amount Recovered Thus Far by OVDI from Non-Compliant Taxpayers 

On June 18, 2014, IRS Commissioner John Koskinen disclosed that the 2009, 2011, and ongoing 2012 OVDIs have generated more than 45,000 disclosures and the collection of about $6.5 billion in taxes, interest and penalties.   1,790 more words

FATCA

FBAR filing requirements clarified by IRS: did you miss the filing date?

A U.S. person is required to file the FBAR (Report of Foreign Bank and Financial Accounts) in 2014 should note that the mechanics of filing the FBAR have changed from previous years. 994 more words

FBAR