FBAR Penalty Mitigation – Strategies to Reduce IRS Penalties

FBAR Penalty Mitigation FBAR Penalties represent a major part of our IRS Offshore Voluntary Disclosure practice. FBAR Penalties, including various threshold requirements, including Intent, Willfulness, Willful Blindness, or Reckless Disregard. While we have authored several articles and blog postings on issues involving FBAR penalties, FBAR Filings, and FBAR Frequently Asked Questions (FAQ), we feel that by providing…


Do I File FBAR & 8938 if I Live Outside of the U.S.?

Yes, When a person is considered to be a U.S. person (such as a U.S. Citizen, Legal Permanent Resident/Green-Card Holder, or Foreign National who meets the Substantial Presence Test) they are required to file a U.S. tax return — no matter where they live (presuming they meet the threshold requirement). And, since Form 8938 is…


Should I File Past FBARs when I File my First FBAR in 2017?

With the date to file an annual FBAR statement being pushed up from June 30 to April 15 (April 18 in 2017), many people are considering coming into compliance for the first time. As such, a common question we receive is whether a person should file past FBARs when they file their first FBAR in 2017? Yes,…


IRS & China Currency Restrictions – U.S Tax, FBAR, FATCA & 3520

When it comes to gifting money and transferring it outside of China, things can get very difficult very quickly. Why? Because in China there is something called currency restrictions. That means that under currency transfer laws in China, individuals are only allocated a limited amount of money that they can transfer outside of the country annually….