Tags » FBAR

Why Tax Citizens - America's Obsessive-Compulsive Disorder

America has an obsessive-compulsive disorder. The rest of the world thinks so, based on America’s seemingly non-sensical, misguided, and random behavior. Examples are long and storied: the failure to adopt the metric system, the insane void of gun control, a refusal to fund the United Nations yet an expectation to run the organisation by its lonesome, a fetish for free trade yet a near communist obsession with cheap oil and food, and the list runs on. 767 more words


The Intersection of U.S. Federal Tax Law with Collection of International Information - Including other Federal Agencies

For decades, the IRS largely worked in a vacuum, relative to other government agencies.

Changes started in earnest in 2003 after September 11, 2001, when Congress past various anti-terrorism laws.  612 more words

Tax Compliance

Fatca, Fbar, Offshore Amnesty Large Fines Coming

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. 351 more words


Don’t Get Stuck With a Foreign Bank Account

Have A Foreign Bank Account? FBAR Deadline is here. Filing deadline for the IRS’s offshore tax amnesty (called the Offshore Voluntary Disclosure Initiative).

If you don’t comply you will get caught. 272 more words


U.S. Resident who ignored checkbox and instructions is liable for failure to file FBAR penalty

An individual taxpayer has learned the hard way that the IRS does not look kindly upon the failure to read all the items on a tax return and its instructions. 724 more words

Reporting Requirements

FinCEN Provides Additional E-Filing Method for FBAR Individual Filers

Until now, the only way to electronically file an FBAR (Report of Foreign Bank and Financial Accounts) via the BSA E-Filing System was to complete a pdf of the form and then upload it to the BSA E-Filing System. 94 more words


FBAR Attorneys - An Answer for All Your Foreign Account Problems

The word IRS itself is frightening for many people since when we are dealing with them, fear instantly creeps into our hearts. If you have any issues with IRS FBAR reporting, then you certainly get a lot more scary. 526 more words