The Art & Science of an IRS Offshore Reasonable Cause Submission When a U.S. taxpayer faces a potential offshore fine or penalty from the IRS, they may have various options available to them to minimize or avoid penalties. One of the most common mechanisms the […]
The IRS Signals the End of Delinquent FBAR Submission Procedures For many years, U.S. Taxpayers who had only unreported foreign accounts and assets and only needed to file the FBAR (FinCEN Form 114) each year could use the Delinquent FBAR Submission Procedures (DFSP) to achieve compliance. Under the Delinquent FBAR Submission […]
  Everything About IRS Foreign Information Tax Return Penalties  Each year, millions of U.S. taxpayers worldwide are required to report their foreign accounts, assets, and investments to the IRS and the U.S. government on various international information reporting or ‘foreign information’ IRS returns. There are many […]
FBAR Penalty Overview When reporting foreign accounts, assets, and investments to the IRS, the most common international information reporting form that most taxpayers may have to file is the FBAR (aka FinCEN Form 114).  Unlike other international reporting forms taxpayers have to file, this form is […]
  Dispelling FBAR Myths, Fear-Mongering & Other Nonsense The FBAR is a government form that many U.S. taxpayers are required to file each year, in addition to their tax returns, to report their foreign accounts, assets, and investments. While the FBAR is not an IRS form, […]