201807.13
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Tiptoeing into FBAR Filing in 2018 – Risks of Not Fixing Past FBARs

Tiptoeing into FBAR Filing in 2018 – Risks of Not Fixing Past FBARs For many people, it is not until several years after their first FBAR was due, that they come to the realization that they are required to file an annual statement each year with FInCEN (Financial Crime Enforcement Network) to disclose information to report their…

201807.11
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U.S. Tax on Foreign Investment Income (2018) – IRS Investment Tax Help

U.S. Tax on Foreign Investment Income (2018) – IRS Investment Tax Help U.S. tax on foreign investments can be very complicated. That is because there are multiple factors that a U.S. taxpayer must take into consideration in order to determine whether a foreign investment is presently subject to U.S. tax — or qualifies for tax deferred…

201807.09
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FBAR & Foreign Investment Accounts (2018) – What Do I FBAR Report?

FBAR & Foreign Investment Accounts (2018) – What Do I FBAR Report? When it comes to having to disclose foreign accounts on an annual FBAR (Report of Foreign Bank and Financial Account Form aka FinCEN 114), it is fairly simple form when it is timely, and only involves bank accounts. That is because even the…

201807.06
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Cryptocurrency IRS Offshore & Foreign Reporting (2018 Update)

Cryptocurrency IRS Offshore & Foreign Reporting (2018 Update) Unfortunately, at the time of writing of this article, the U.S. government agencies responsible for International and Offshore Reporting (FinCEN and the IRS) have not set any concrete rules reporting the reporting and disclosure of foreign cryptocurrency. The rules are unclear and misguided at best, and now…

201807.05
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Probate, Estate Transfers & IRS Voluntary Disclosure Basics (2018)

Probate, Estate Transfers & IRS Voluntary Disclosure Basics (2018) When somebody loses a loved one, the very last thing they want to deal with is anything related to the IRS, especially confusing tax situations involving offshore and foreign accounts or asserts. Unfortunately, from the IRS’ perspective, the IRS does not necessarily let things go just because a…

201807.03
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IRS Reveals an Aggressive Offshore Tax Enforcement Strategy (2018)

IRS Reveals an Aggressive Offshore Tax Enforcement Strategy (2018) If you have been following our website over the past year or two, we have been writing extensively on issues involving international criminal tax, tax evasion, tax fraud, and cash structuring, etc. Here are few links to some related resources: Offshore Tax Evasion Examples International Tax…

201807.02
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Bitcoin Tax Amnesty (2018) – IRS Bitcoin Amnesty Reporting Procedure

Bitcoin Tax Amnesty (2018) – IRS Bitcoin Amnesty Reporting Procedure Bitcoin and other cryptocurrency/virtual currency is getting a bad rap from the IRS, and whether it is an IRS Audit, examination or investigation – Bitcoin is under scrutiny.  And, with OVDP ending in 2018, if you are considering OVDP, now is the time. Bitcoin Amnesty,…

201807.02
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Cryptocurrency Tax FAQ (2018) – IRS Virtual Currency Tax Basics

Cryptocurrency Tax FAQ (2018) – IRS Tax Basics | What You Need to Know Even though cryptocurrency is complicated, and taxes related to cryptocurrency are even more complicated, in the end, from an IRS perspective — cryptocurrency is property, and taxed accordingly. And, depending on how you received the cryptocurrency, how long you held it,…

201807.01
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Tax Guide for U.S. Immigrants (2018) – Tips for Filing IRS Tax Returns

Tax Guide for U.S. Immigrants (2018) – Tips for Filing IRS Tax Returns When it comes to immigration and taxes, it can be very difficult to understand the different IRS filing requirements (and pitfalls) a person can face if they do not properly stay in IRS compliance. Immigration & Taxes Common questions we receive are: Do I…

201806.28
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Cryptocurrency & FATCA Form 8938 (2018) – Crypto a Financial Asset?

Cryptocurrency & FATCA Form 8938 (2018) – Crypto a Financial Asset?  Under most circumstances, if you have your cryptocurrency on a Financial Exchange, in a Crypto Bank Account, or you invested in a Crypto Managed Fund, you may have a Form 8938 filing requirement. TL;DR There is a likelihood that once the dust settles, and…

201806.27
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FATCA Example of How the IRS Uses FATCA to Uncover Tax Evasion

FATCA Example of How the IRS Uses FATCA to Uncover Tax Evasion Unfortunately, short term motives sometimes result in long-term consequences. This is becoming much more of a reality for individuals who may have been illegally moving money offshore into a foreign country in order to avoid reporting requirements – only to get nabbed as…

201806.26
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FBAR Lawyer Fees (2018) – Do You Need an FBAR Attorney for Help?

FBAR Lawyer Fees (2018) – Do You Need an FBAR Attorney for Help? The FBAR is the Report of Foreign Bank Account and Financial Reporting Form (also known as FinCEN 114).  We represent hundreds of clients each year with simple-to-complex FBAR issues. Unfortunately, there is a lot of mis-information online designed to scare and overwhelm…