Attorneys Using Outside CPAs Put Streamlined Filings at Risk: Did your Attorney refer you to an outside CPA? Is your submission now delayed, and your streamlined or VDP (Voluntary Disclosure) sitting in limbo? With rumblings of the IRS ending the streamlined program, and foreign accounts compliance remaining as a key enforcement priority — any unnecessary…
U.S. Citizen Abroad and Never Filed a Tax Return (IRS Summary 2020)
U.S. Citizen Abroad and Never Filed a Tax Return: Are you a U.S. Citizen Abroad and Never Filed a Tax Return? If you are a U.S Citizen (or former citizen or permanent resident who did not properly expatriate), the IRS has developed several safe and effective compliance options available to you. Whether you are an…
FBAR Penalty Cases & Recent Court Rulings (2019-2020)
FBAR Penalty Cases & Recent Court Rulings: Several FBAR Penalty Cases were decided in 2019. In 2020, there are bound to be several more FBAR cases, case rulings & penalty decisions nationwide. The IRS has taken an aggressive stance against U.S. persons who are not in foreign accounts compliance. Once FBAR penalties are assessed, the…
FBAR Reporting (IRS Summary Guide for 2020)
FBAR Reporting: The FBAR Reporting requirements are more complex than ever. The IRS requires U.S. persons with foreign accounts (who meet the threshold) to file an annual FBAR. The Internal Revenue Service has taken an aggressive position with enforcing foreign accounts compliance. FBAR reporting includes more than just bank accounts. It also include offshore stock…
Form 8621 & Instructions (IRS Summary Guide)
Form 8621 Instructions: The Form 8621 & even the Instructions are complex. The IRS requires U.S. owners of a PFIC (Passive Foreign Investment Companies) have to report ownership on Form 8621. Common examples include foreign mutual funds and holding companies. In recent years, the IRS has aggressively increased enforcement of offshore reporting. The Internal Revenue…