Offshore Accounts Remain IRS Enforcement Priority
Posted on: May 16, 2019 | By: Stephen Dunn | Bank Secrecy Act, Delinquent FBAR Submission Procedures, FBAR, Form 3520, Form 3520-A, Form 5471, Form 8865, Form 8938, Form 926, International Information Returns, Statute of Limitations, Streamlined Procedures, The FBAR Filing Requirement, Uncategorized
At the American Bar Association Taxation Section’s annual meeting in Washington, D.C., in May, 2019, IRS representatives said the IRS continues examining evidence of Americans’ foreign financial accounts,...
Foreign Accounts Compliance Update
Posted on: April 22, 2019 | By: Stephen Dunn | Bank Secrecy Act, Delinquent FBAR Submission Procedures, Delinquent International Information Return Submission Procedures, Draconian FBAR Penalty, FBARs, Foreign Accounts Compliance, Penalties for Noncompliance, Statute of Limitations, Streamlined Procedures, The FBAR Filing Requirement, Voluntary Disclosures
Under the Bank Secrecy Act, a U.S. person with foreign account balances aggregating more than $10,000 at any time during a calendar year must file a FinCEN Form...
Streamlined Procedures for Foreign Accounts Compliance
Posted on: January 9, 2019 | By: Stephen Dunn | Bank Secrecy Act, Paths to Compliance, Streamlined Procedures, The FBAR Filing Requirement, Uncategorized
Many Americans become compliant with U.S. laws concerning foreign financial accounts by means of the Streamlined Filing Compliance Procedures (the “Streamlined Procedures”). To qualify for the Streamlined Procedures,...
The FBAR Filing Requirement
Posted on: December 22, 2018 | By: Stephen Dunn | Bank Secrecy Act, Draconian FBAR Penalty, FBAR, FBARs, Foreign Accounts Compliance, International Information Returns, The FBAR Filing Requirement, Uncategorized
The United States taxes its citizens and residents on their worldwide income. To evade U.S. income tax, U.S. taxpayers were transferring their funds to foreign financial institutions, which...