Form 5471 Instructions – Tips for Understanding Category of Filers

Form 5471 Instructions – Categories of Filers  Form 5471 Instructions can be a bit daunting. That is because the IRS has made Form 5471 Instructions unnecessarily complex, especially in just trying to determine the different Categories of Filers — and who, and what schedules needs to be filed. While we always recommend speaking with an experienced…


IRS Foreign Asset Reporting – Important Facts Everyone Should Know

IRS Foreign Asset Reporting  Reporting Foreign Assets to the IRS is important (due to the excessive fines and penalties the IRS may issue for noncompliance). As an International Tax Law Firm that focuses exclusively on IRS Offshore Disclosure and Reporting Foreign Assets, Accounts, Investments, and Income to the United States Government (IRS, DOT & DOJ)…


Citizens Living Abroad Who Have Not Filed Taxes – We Can Help You

Citizens Living Abroad Who Have Not Filed Taxes If you are a U.S. Citizen living abroad and not filing taxes, it is important that you get into compliance before it’s too late (Read: Fines & Penalties). In fact, IRS has the authority to issue exceedingly high fines and penalties against individuals who are not in…


Offshore Amnesty to Reduce IRS Penalties – Foreign Accounts, Income or Assets

Offshore Amnesty IRS Tax Amnesty is the process of getting to compliance with your U.S. tax returns and other related documentation with the hopes of avoiding excessive fines, penalties, levies, seizures or passport revocation – which are all mechanisms the IRS can use to enforce tax law against you. When it comes to offshore unreported…


A Summary of IRS Foreign Asset Reporting Requirements – Golding & Golding

IRS Foreign Asset Reporting Reporting Foreign Assets to the IRS is a crucial part of remaining compliance for individuals who have for assets (aka offshore investments, real estate, accounts, income, life insurance, etc.). Whether it is Form 8938, FBAR Filing (FinCEN 114) or other less known forms (see below) — reporting Foreign Bank Accounts or…


IRS Offshore Tax Amnesty Program – How To Disclose Foreign Accounts

What are the IRS Offshore Tax Amnesty Programs? Tax amnesty (specifically IRS Tax Amnesty) is the process of getting into tax compliance with the hopes of avoiding extensive fines and penalties, and even criminal charges depending on the facts and circumstances of your situation. Our focus is on “Offshore Tax Amnesty.” The IRS has the…


IRS Offshore Voluntary Disclosure – 5 Timing Issues To Avoid

The decision to submit to either OVDP or Streamlined Offshore (aka IRS Offshore Voluntary Disclosure Program), or make a Reasonable Cause Submission requires extensive review and analysis. The problem is that here are many timing hurdles which can prevent an individual from submitting to the program, if they take too much time in making their decision….


Reporting Gifts & Inheritances from a Foreign Person on IRS Form 3520

Receiving a Gift or an Inheritance from a Foreign Person, Trust or Business may spark the requirement for an individual receiving the gift or inheritance to file form 3520 with the IRS for the year the gift or inheritance was received. The failure to properly/timely file form 3520 may result in significant fines and penalties…


Understanding The Rules of Bitcoin Reporting for FBAR & FATCA

Bitcoin Reporting for FBAR & FATCA As an International Tax Law Firm that focuses exclusively on IRS Offshore Voluntary Disclosure, a common question we receive is, “When is a Bitcoin Wallet Reported on an FBAR, Form 8938 or Form 8621?” Bitcoin As Bitcoin (Crypto-Currency) surges in popularity, so does the importance of FBAR, FATCA and…


Foreign Rental Income & IRS Tax Reporting – Summary Review Guide

The impact of Foreign Real Estate on U.S. Tax Law, FBAR and FATCA can be very serious, and costly. Many people misunderstand the IRS requirements regarding the reporting for Foreign Rental Income.  This is because in many countries, there are minimum threshold requirements before real estate income has to be reported on a foreign tax return. This is…