201804.18
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FBAR Willfulness (2018) – Lower Threshold & Standard of Proof Required

FBAR Willfulness (2018) – Lower Threshold & Standard of Proof Required The IRS continues to tighten the noose around anybody caught willfully failing to report or disclose foreign accounts or income. This is very important for any individual who may have willfully (even recklessly aka Reckless Disregard) failed to report foreign accounts, assets, income, or…

201804.16
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Multi-Jurisdictional Tax Compliance – IRS Reporting & Reasonable Cause

Multi-Jurisdictional Tax Compliance – IRS Reporting & Reasonable Cause Unfortunately, trying to be in compliance with U.S. Tax Law while not violating Foreign Tax Law(s), is a very real problem. When a new client contact us with this type of situation – we sincerely understand the severity and stressfulness of the issue. In a typical…

201804.13
2

Form 8938 Threshold 2019 – IRS Foreign Asset Reporting Basics

Form 8938 Threshold (2018) – IRS Foreign Asset Reporting Basics Form 8938 Threshold: When you have foreign assets, you may meet the Form 8938 Threshold filing requirements depending on marital status and country of residence. Why? Because with the FBAR, a person is simply reporting their foreign accounts and the form itself is not filed alongside…

201804.11
0

FinCEN 114 Deadline (FBAR 2018 Due Date is on Automatic Extension)

FinCEN 114 Deadline (FBAR 2018 Due Date is on Automatic Extension) FinCEN 114 is known as  the FBAR. The FBAR is the Report of Foreign Bank and Financial Account Form. The FinCEN 114 deadline used to be June 30th, but recently was changed to April…and it is on automatic extension through October 2018. Therefore, The…

201804.11
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2018 IRS Dirty Dozen – Danger of Offshore Money & OVDP Ending

2018 IRS Dirty Dozen – Danger of Offshore Money & OVDP Ending Each year the IRS identifies 12 of the worst tax scams to be cautious of when it comes to investing your money, and/or other related activities. And, each year one of the 12 almost always includes offshore tax scams. Offshore Tax Enforcement The IRS has…