FBAR Penalty Calculations FBAR is the Report of Foreign Bank and Financial Account form. It is a form required to be filed annually by U.S. Persons who have more than $10,000 in foreign accounts on any given day of the year. While there are some exceptions, along with some exclusions, there is not much wiggle room…
How Do FBAR Attorneys Help with Foreign Account Disclosure?
What Does an FBAR Attorney do? FBAR reporting is part of IRS offshore disclosure, and the Internal Revenue Service has developed many different offshore voluntary disclosure program options for individuals who have not properly reported their foreign accounts. IRS Offshore Disclosure Programs are designed to bring individuals, businesses, and estates into compliance for prior-year failures…
Offshore Tax Compliance – International Tax & Reporting Basics
Offshore Tax Compliance The Internal Revenue Service has made the enforcement of offshore tax compliance a key priority. We mention this often in many of our different blog posts, because it is important to understand that the IRS has significant power to enforce debts and penalties for unpaid taxes and unreported accounts and income. Moreover,…
OVDP – IRS Form 3520, 5471, 8621, 8865, 8938, & FBAR Penalties
OVDP Program OVDP is the Offshore Voluntary Disclosure Program. It is an IRS program designed to bring taxpayers into compliance who have not properly filed taxes and/or properly reported their offshore or foreign income, accounts, investments, pensions, corporate interests, etc. OVDP – Not Just Foreign Accounts There seems to be an overall misunderstanding about what the…
IRS Passport Revocation – Examples of Foreigners owing $50,000
IRS Passport Revocation or Denial IRS Passport Revocation and IRS Passport Denial is a sad, but true reality. As you may or may not be aware, the U.S. Government recently snuck in a law that allows the IRS to cancel, deny or revoke your passport if you owe more than $50,000 to the IRS. We know what…