FBAR (FinCEN Form 114) filing rules, deadlines and penalties for Americans with foreign bank accounts.
In a recent intriguing decision, the U.S. District Court for the Southern District of California tackled the issue of whether a taxpayer is required to file an FBAR if he has the status of a non-US…
Read MoreIn this week’s blog, we do a case review of a district court decision involving FBAR instructions and penalties. The case joins a line of decisions addressing the scope and parameters of the FBAR…
Read MoreIn a welcome decision for the U.S. expat community, the U.S. Supreme Court has ruled against the IRS on the issue of the scope of FBAR penalties, significantly reducing the proposed penalties on the…
Read MoreNow that the tax season has officially begun, we thought it would be worthwhile to review the key tax deadlines for U.S. expats during 2022.
Read MoreLargely due to its contiguity with the United States, Mexico continues to be the most popular destination in the world for US expats. According to a US State Department estimate, approximately 1.5…
Read MoreRecently, the US government foreshadowed the coming of a significant change in its FBAR reporting policy regarding virtual currency.
Read MoreOn October 14, 2020, the Treasury Department’s FinCEN website posted a surprising last-minute notice stating that this year’s FBAR 2020 deadline for reporting foreign bank accounts owned during the…
Read MoreThe below reviews the annual U.S. tax deadlines for expats, explaining how June 15 and October 15 are the critical due dates. For deadlines during 2022 specifically, click here.
Read MoreU.S. expats face a number of challenges when trying to accurately file a U.S. income tax return with the IRS, some of which are due to the differences in economic realities in the United States and…
Read MoreThe first rule of expat tax basics is that moving abroad does not mean the end of IRS tax filing obligations for a U.S. citizen.
Read MoreIn the last FBAR case of the year, Agrawal, (DC WI 12/9/2019) 124 AFTR 2d ¶2019-5522, a district court held that a U.S. taxpayer, an immigrant from India, was liable for the FBAR penalty and rejected…
Read MoreGiven the renewed focus of the IRS on international tax compliance issues, it should come as no surprise that FBAR indictments and court cases are becoming increasingly prevalent.
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