Foreign Accounts? Here’s What You Need to Know

Posted on: July 8, 2017 | By: Stephen Dunn | Draconian FBAR Penalty, FBARs, Foreign Accounts Compliance, Passive Foreign Investment Companies ("PFICs")

FBARs If the total balance of your foreign financial accounts exceeds $10,000 at any time during a calendar year, then you must file an “FBAR” (the actual name...

Reporting Horrors of Foreign Mutual Funds (“PFICs”)

Posted on: April 24, 2017 | By: Stephen Dunn | Foreign Accounts Compliance, Passive Foreign Investment Companies ("PFICs")

U.S.-based mutual funds annually issue to each of their shareholders a Form 1099 reporting the shareholder’s share of interest, dividends, and capital gains realized by the mutual fund...

Who Should Represent U.S. Taxpayers Concerning Foreign Assets

Posted on: March 18, 2016 | By: Stephen Dunn | Attorney-Client Privilege, Delinquent FBAR Submission Procedures, FBARs, Foreign Accounts Compliance, OVDP, Passive Foreign Investment Companies ("PFICs"), Streamlined Procedures

Competent counsel should represent U.S. taxpayers who have failed to file FBARs reporting foreign financial accounts, or who have failed to report foreign financial assets or income therefrom...