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Archive for FBAR

Mr. FBAR As A Role Model For President Putin And The Russian Government

j-r-6-14

It has been widely reported that American actor Steven Seagal has joined American boxer Roy Jones in becoming a citizen of Russia. By becoming Russian citizens, Mr. Seagal and Mr. Jones are now subject to Russia’s Currency laws, which include the requirement to report their non-Russian bank accounts to the Kremlin. Messrs Seagal and Jones may admire Russia. That said, it’s clear that the Kremlin admires the U.S. Treasury in general and Mr. FBAR – America’s most important citizen – in particular.

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Enrollment In IRS Disclosure Programs Surpasses 100,000 Mark

Ephraim Moss

The IRS announced that over 100,000 taxpayers have now participated in its disclosure programs, which have been available to delinquent filers since 2009. More specifically, according to the IRS, 55,800 taxpayers have used the Offshore Voluntary Disclosure Program (OVDP) to resolve their tax obligations, paying more than $9.9 billion in taxes, interest and penalties, while an additional 48,000 taxpayers have used the Streamlined Procedures, paying approximately $450 million.

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False Form 8854 Used As Part Of “Willful” FBAR Prosecution

j-r-6-14

The primary story is of a U.S. professor who pleaded guilty to an FBAR violation and was subjected to a 100 million FBAR penalty. Notably the “tax loss” was 10 million dollars and the FBAR penalty was 100 million dollars. It appears that Mr. FBAR is becoming an important tool in the arsenal used by the United States Treasury.

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FBARs Blindsiding Canadians Present In The United States

Larry Stolberg

FINCEN114 due June 30th for the 2015 taxation year, reporting beneficial interest or signature authority in non-U.S. financial accounts where the annual aggregate highest balance is greater than $10K U.S., may have to be filed by Canadian taxpayers.

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This Year’s FBAR Deadline Is Upon Us

Ephraim Moss

The IRS has just issued a reminder to taxpayers that the FBAR filing deadline of June 30th is fast approaching. Unlike other tax forms, extensions for filing the FBAR are not allowed, so June 30th remains a hard deadline.

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FEIE—Drill Down Into IRS Form 2555

John Dundon

We get all sorts of fascinating questions from established US taxpayers in addition to those experiencing internationalism for the first time. It seems, regardless of the degree of sophistication in US income tax filing obligations, most people are out to lunch when it comes to arcane acronyms and filing requirements.

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When Junior Has A Foreign Bank Account: What’s To Be Expected!

Manasa Nadig

I looked up my last blog post and realized I have not posted here since January! What a tax season it was, and how did time get away from me? Oh wait…I know how!

The past few years have seen a steady growth of a client base that has foreign accounts: no complaints there! Most clients have very routine FBAR filing requirements but then sometimes things are a little out of the ordinary and that gets me all excited…yes, I know..it does! That either tells you about my lack of a life during tax season or we should just notch it up to tax nerd-iness!

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Is This Canadian Baby An American Tax Cheat?

Pati (3)

Is This Canadian Baby An American Tax Cheat?

A Canadian baby is learning about taxes, banking and activism at a tender age. The eight month old girl received a “Dear Valued Customer” letter from her Canadian bank when she was six months old advising her that her account information may be provided to Canada Revenue Agency to pass on to IRS.  The wee “Valued Customer” was directed to complete, sign and mail forms to the bank.

Baby Elle (not her real name) and her Canadian parents were Read more

Foreign Account Disclosures Soar To Over 1 Million

mdeblis1

The IRS published a News Release on March 15, 2016 entitled, Foreign Account Filings Top 1 Million; Taxpayers Need to Know Their Filing Requirements that readers of this blog might find interesting.

Below are some snippets:

WASHINGTON — Strong and sustained growth of taxpayers Read more

Cheap Shelf Or Top Shelf?

deblis2

Many people make purchase decisions based on cost, and little else. “Motor oil is motor oil,” they insist. In the minds of many, it is pure folly to pay X dollars per month for auto insurance when another company provides the same service for a mere Y dollars. Or, they ask rhetorically, what moron would pay X dollars per gallon for gasoline when the station a quarter-mile down the road only charges Y dollars?

But, as the corporate shills at Valvoline were quick to remind Earl, cost is only one element in a purchase decision. As many of us Read more

FBARs for Unsuspecting Canadians Present in the United States

stolely

FINCEN114 due June 30th for the 2015 taxation year, reporting beneficial interest or signature authority in non-U.S. financial accounts where the annual aggregate highest balance is greater than $10K U.S., may have to be filed by Canadian taxpayers.

Those who meet the substantial presence test for residency in the U.S., regardless of a claim under Article IV of the Canada/U.S. tax Read more

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