All Blog Posts for FBAR
Foreign Bank Account Reports. Doing them right!
The last several years marked a tremendous increase in the number of Foreign Bank Account Reports filed with the Treasury Department's Financial Crimes Enforcement Network. In fact, the IRS has announced that the number of Forms 114 (Former TD.F. 90.22-1 or FBAR) filed in 2015 topped at over 1.1 million! This record number shows an upsurge in awareness of the foreign financial account reporting requirements and a trend towards voluntary compliance. Still, many taxpayers experience practical difficulties in complying with the FBAR regulations. So, what it takes to do it right?READ MORE
The Streamlined Foreign Offshore Procedure: From A to Z
The Streamlined Foreign Offshore Procedure (SFOP) was developed by the IRS to address noncompliance with the foreign financial assets reporting requirements, an omission of a foreign-source income or a failure to file certain information returns. The streamlined procedure is available to US citizens, expatriates and residents whose noncompliance with the internal revenue laws was not borne by a willful conduct or an attempt to avoid paying taxes in the United States. If you have resided outside the United States and you failed to file returns or under-reported foreign-source income, the SFOP is the shortest way to regain compliance without the burden of severe penalties. So what is the fuss about it?READ MORE
Debunking 5 Myths About FATCA
The Foreign Accounts Tax Compliance Act of 2010 (FATCA) requires foreign banks and other financial institutions automatically report the accounts held or controlled by U.S persons to the IRS on an annual basis. The goal of the automatic exchange of financial information in tax matters is increased offshore transparency, reduction of the tax gap and elimination of taxpayer noncompliance. The FATCA provisions are instituted trough:READ MORE