FBAR Reporting Penalties Can Be Severe
A number of recent cases decided around the country show that foreign bank account reporting (FBAR) penalties are no laughing matter and can quickly escalate depending on the circumstances.
Read MoreFBAR
FBAR (FinCEN Form 114) filing rules, deadlines and penalties for Americans with foreign bank accounts.
Willful FBAR Penalty Limit
When taxpayers are caught late filing the FBAR, the IRS will assess penalties based on whether it thinks the individual’s conduct was willful or non-willful. The difference in penalty regimes are…
Read MoreIRS Proactively Crackdown on Offshore Tax Evasion
With the recent heavy focus on Congress and the Trump’s administration’s tax reform proposals, it can be easy to forget that the IRS continues to proactively crackdown on offshore tax evasion.
Read MoreFBAR Delinquent Taxpayers
A recent U.S. District Court case has again shone a spotlight on the lack of a clear statutory or regulatory definition of “willful” for purposes of applying the more severe penalties for failure to…
Read MoreFailed to File FBAR
If you thought FBAR penalties were more bark than bite, a recent U.S. District Court case is sure to change your mind.
Read MoreTax Changes Coming in 2017: What U.S. Expats Need to Know
While the past year did not produce any monumental changes to U.S. tax law, there are a number of noteworthy changes that expats should keep in mind as we enter 2017. We also share a few highlights…
Read MoreIRS Cooperation - Amnesty Programs
The IRS announced recently that since the inception of its amnesty programs in 2009, over 100,000 delinquent taxpayers have taken the plunge and decided that participation is their best option.…
Read MoreFBAR Deadline Is Upon US
The IRS has just issued a reminder to taxpayers that the FBAR filing deadline of June 30th is fast approaching. Unlike other tax forms, extensions of time to file the FBAR are not allowed, so June…
Read MoreFBAR Proposed Regulations
The U.S. Treasury Department recently issued proposed regulations, which make a number of modifications to the FBAR reporting rules. The changes are to become effective if and when the proposed…
Read MoreFailure to Read the FBAR Instructions
As this year’s tax season forges ahead and filing deadlines quickly approach, we’d like to remind our readers about the importance of getting your taxes done right. This is especially relevant for…
Read MoreMost U.S. Expats Do Not File Correct U.S. Tax Returns
For most U.S. citizens living abroad, life is pretty good – at least that’s what the latest statistics are telling us. In a 2015 survey of thousands of expats worldwide, a whopping 81% responded that…
Read MoreTax Changes Coming in 2016: What U.S. Expats Need to Know
While the past year did not produce any monumental changes to U.S. tax law, there are a number of noteworthy changes that expats should keep in mind as they enter the 2016 tax year.
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