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…
FBAR – Understanding the Fundamentals of IRS Late Filing Rules
You didn’t file a timely FBAR and now you’re freaking out after reading what usually turns out to be incorrect or inaccurate blog posts on what will happen to you next aka (5 Years Prison). You are almost certainly not going to prison, and may not have any fines or penalties to contended with — assuming you…
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…
Understanding Form 8938 Fundamentals – We Specialize in Form 8938
Understanding Form 8938 Fundamentals – We Specialize in Form 8938 Form 8938 (Statement of Specified Foreign Financial Assets) is an IRS Form associated with FATCA (Foreign Account Tax Compliance Act). Common Issues with Form 8938: Form 8938 Reporting Threshold? Reporting Real Estate Double Counting Form 8938 Penalties The failure to file this FATCA Form can lead to…