Foreign Mutual Funds – IRS Tax Liability, Penalties & Fines

For most people, Foreign Mutual Funds have become more hassle than they are worth. The IRS really hates foreign mutual funds and has developed specific fines and penalties devoted exclusively to your foreign mutual funds and the failure to complete the necessary paperwork as required by IRS guidelines. Foreign Mutual Fund is a PFIC For…


Is Expatriation a Real Alternative to Offshore Disclosure?

For many unsuspecting U.S. Citizen, Legal Permanent Residents, U.S. Residents (Foreign Nationals) and Expats, their failure to stay in compliance with IRS tax law may result in significantly high fines and penalties – if not worse, depending on the facts and circumstances of their non-compliance. For these individuals, expatriation is an alternative they consider in order…


Scared to File Your First FBAR – Be Careful of Penalties & Fines

An FBAR is a Report of Foreign Bank and Financial Accounts form, which is required to be filed by the Department of Treasury. Not all US taxpayers are required to file and FBAR; rather, a person is required to file an FBAR only when their annual aggregate total of foreign accounts, insurance policies, an investment…