Recently, the IRS has made the Report of Foreign Bank and Financial Accounts (FBAR) penalty enforcement a top priority and this is alarming the taxpayers worldwide. Even in the course of every routine domestic IRS audit, IRS agents are looking for undisclosed foreign bank accounts. In this blog I will discuss some things that you […]
Topics Covered: 1. The Story Of Bradley Charles Birkenfeld And How Because Of His Actions No Longer Can Foreign Accounts Be A Secret. 2. What is an undisclosed foreign bank account and what are the penalties for not reporting foreign income? 3. Nine Things That Will Elevate Your Chances Of Being Targeted By IRS For […]
If you have fallen behind on your U.S. expat taxes and the IRS has contacted you about delinquent tax returns, what should you do? Here are a few tips on what to do next. Tip #1 – Do Not Ignore The Notice. The worst thing you can do is ignore the notice. If you don’t […]
Given all the press surrounding the “Report of Foreign Bank and Financial Accounts” or so-called FBARs, by now we all know about what should be reported on an FBAR, right? Well, given the Internal Revenue Service’s latest assertion in United States v. John C. Hom (Case No. C 13-03721 in the U.S. District Court for […]
The United States Department Of Justice (DOJ) has received 106 requests from Swiss entities to participate in a settlement program aimed at ending a long-running probe of tax-dodging by Americans using Swiss bank accounts according to a senior US official. We previously reported that over 24% of secret accounts that were later voluntarily disclosed by […]
U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2013 who will have a U.S. tax liability need to be mindful of their filing requirements in 2014. The filing deadline is Monday, June 16, 2014, for U.S. citizens and resident aliens living overseas, […]
Sometimes the tax consequences at a Federal level are different than that at the State level. Such is the case in California when dealing with a Canadian Registered Retirement Savings Plan (RRSP). As explained in Revenue Procedure 89-45, a Canadian RRSP is not an Individual Retirement Account (IRA) because “these plans do not meet the […]
If you have undisclosed foreign accounts you have an important decision to make. That decision being – when do you start disclosing your foreign bank accounts and foreign income and how should you disclose? Many people thought that forever they can keep their foreign accounts a secret – not just from their creditors and spouses […]
A common question we hear a lot: My CPA who I have been going to for years has never told me that I had to report my foreign income. Now that I know I have to report my foreign income and disclose my foreign bank accounts, do I accept my CPA’s offer to represent me […]
If you have undisclosed foreign accounts you have an important decision to make. That decision being – when do you start disclosing your foreign bank accounts and foreign income and how should you disclose? Many people thought that forever they can keep their foreign accounts a secret – not just from their creditors and spouses […]
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