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Archive for FBAR

The Choice: Amnesty Or Quiet Disclosure For Foreign Bank Accounts: Criminal Tax Evasion, Negligence, Or Ignorance?

Preliminary Introduction For TaxConnections Global Internet Tax Summit, September 21-25, 2015

The most recent IRS push to close “the Gap” between collected U.S. tax revenue and the total tax revenue which should be reported by U.S. citizens and alien residents of the United States has focused on offshore income concealed in foreign or offshore accounts.

U.S. citizens are liable for U.S. taxation on all income realized globally, regardless of the foreign jurisdiction in which their funds are deposited in foreign accounts.  U.S. citizens are not only liable for U.S. tax on such foreign sources of income, they are required to report all funds in excess of $10,000.00 on deposit in foreign accounts over which they have “signature authority” even if they only have a nominal “financial interest” in the Read more

FATCA Lawsuit Filed On Behalf of 8.7 Million Americans Overseas

TaxConnections will post on Worldwide Tax Blogs all documents over a series of weeks leading up to the Internet Tax Summit.

On 14 July 2015 the FATCA Lawsuit in US Federal Court in Southern Ohio on behalf of 8.7 million Americans overseas as well as a large segment of the 12.6 million foreign passport-holding U.S. residents by Republicans Overseas Action, a 501(c)(4) organization which does not intervene in any political campaign by corporate policy. The lawsuit cites eight constitutional violations and requests a preliminary injunction that will protect Americans overseas from FATCA and FBAR until a trial can be held by the court.

Keith Redmond, an American living in Paris, France for the past 20 years, works globally Read more

OVDP Penalties Increased To 50% For 32 Foreign Banks!

The new revisions to the US offshore voluntary disclosure initiative, which we posted on 6/18/14 “IRS Makes Changes to Offshore Programs; Revisions Ease Burden and Help More Taxpayers Come into Compliance“, now provides for and increased 50% FBAR Penalties for ‘Willful’ Non-Disclosers.

This group includes those individuals who have offshore bank accounts with a foreign financial institution which has been publicly identified as being under investigation, or is cooperating with a government investigation. IRS has published a list of those foreign financial institutions or facilitators.

The complete list is as follows: Read more

South African Tax Man’s Message To HSBC Account Holders

The South African Revenue Service (SARS) has announced an amnesty of sort – a threat and upfront warnings: we do know about you, best you come forward before we make the tax audit into your affairs known.

On July 9th, 2015, SARS issued a press release, which can be read in more detail on:

http://www.sars.gov.za/Media/MediaReleases/Pages/9-July-2015 – – – South-Africans-with-accounts-and-investments-in-foreign-tax-jurisdictions.aspx

The International Consortium of Investigative Journalists (ICIJ), based information obtained by French newspaper Le Monde, ranked South Africa number 31 among the countries with the largest amount of dollars ($2.3blion) in the so-called leaked Swiss Read more

Spotlight On Expatriate Tax Experts – September 21st 2015 – Internet Tax Summit

With an estimated 8.7 Million expatriates living around the world, many are unaware of their U.S. tax filing obligations. For those following the issues surrounding FATCA, they are well aware that expatriates are angry and scared. For the two-thirds of the U.S. expatriates who are still unaware, we bring knowledgeable experts who will explain what is happening and get you up to date at the Internet Tax Summit scheduled September 21-25th 2015. The first day of the Internet Tax Summit, expatriates will be able to go online and learn what is happening from tax experts, get answers, and get the help they need.  You can expect this historical, free online event is certain to get millions of expatriates up to speed on the only country in the world with citizen based taxation. We promise the information you learn will be STUNNING! Read more

OVDP Penalty Increased To 50% For 27 Foreign Banks

The new revisions to the US offshore voluntary disclosure initiative, now provides for an increased 50% FBAR Penalties for ‘Willful’ Non-Disclosers.

This group includes those individuals who have offshore bank accounts with a foreign financial institution which has been publicly identified as being under investigation, or is cooperating with a government investigation. IRS has published a list of those foreign financial institutions or facilitators.

The complete list is as follows:

1. UBS AG Read more

Take What They Give You

The first half of Super Bowl XX between the Chicago Bears and New England Patriots is painful to watch, for everyone except die-hard fans of Da Bears. Chicago looked like it was playing fifteen guys on defense, and all of them were at or near the line of scrimmage.

Several weeks earlier, the Miami Dolphins provided the perfect blueprint for beating the seemingly un-beatable Bears: quick passes to outside receivers. But New England quarterback Tony Eason kept employing slow-developing pass plays to backs and tight ends. The result wasn’t pretty. For some reason, New England coach Raymond Berry eschewed a fundamental principle in offensive football tactics, to-wit, “take what the defense gives you.”

Read more

June 30th Filing Deadline for Foreign Reporting is Approaching Fast!!

Taxpayers With Foreign Assets May Have FBAR And FATCA Filing Requirements In June

WASHINGTON—The Internal Revenue Service today reminded all taxpayers with an FBAR filing requirement to report their foreign assets by the June 30 deadline. FBAR filings have risen dramatically in recent years as FATCA phases in and other international compliance efforts have raised awareness among taxpayers with offshore assets.

The IRS encourages taxpayers with foreign assets, even relatively small amounts, to check if they have a filing requirement. Separately, certain taxpayers living abroad may also have to file the FATCA-related Form 8938 with their tax returns by the June 15 Read more

OVDP Penalty Increased To 50% For 23 Foreign Banks

The new revisions to the US offshore voluntary disclosure program, which we posted on 6/18/14 “IRS Makes Changes to Offshore Programs; Revisions Ease Burden and Help More Taxpayers Come into Compliance“, now provides for an increased 50% FBAR Penalties for ‘Willful’ Non-Disclosers.

This group includes those individuals who have offshore bank accounts with a foreign financial institution which has been publicly identified as being under investigation, or is cooperating with a government investigation. IRS has published a list of those foreign financial institutions or facilitators.

The complete list is as follows: Read more

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