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Tag Archive for FBAR

U.S. Expat Taxes For Americans Living In Ireland

Hugo Lesser

It has been estimated that there are several thousand Americans living in Ireland.

Living in Ireland is an incredible experience for a number of reasons, including the friendly locals, the incredible landscapes, the charming culture, not to mention easy access to the rest of Europe. As an American expatriate living in Ireland though, what exactly do you need to know regarding filing U.S. expat (and Irish) taxes?

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Form 8621 And 5471 Are Required Even If The Tax Return Isn’t!

John Richardson

The Internal Revenue Code of the United States requires two things:

1. The calculation of taxes; and

2. The reporting of information.

The Internal Revenue Code of the United States is based on three basic principles:

1. A dislike of all things “foreign”. (If you see the word “foreign” a penalty is sure to follow.)

2. A hatred of all forms of non-U.S. “tax deferral”

3. An attempt to stop the “leakage” of “U.S. taxable assets” from the U.S. tax base. (Examples include the U.S. tax treatment of the “alien spouse” and the U.S. S. 877A “Exit Tax” that may be payable when one makes the decision to renounce U.S. citizenship).

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Self-Prepared Returns For Tax Payers

Larry Stolberg

Often taxpayers, whether Canadian or U.S. tax filers, are self-preparing their own returns with tax preparation software packages purchased in the market place. Problems arise numerous times in that the taxpayer not being aware of tax law, has omitted to file various required annual foreign information returns. This is likely due to the fact the software is not a professional version and/or the taxpayer-preparer is not reading any of the software return’s diagnostics.

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Did Mr. FBAR Pay A Surprise Visit To Canada?

John Richardson

This is one more of my posts about Mr. FBAR. Mr. FBAR is a mean, nasty vicious thug who has no place in any civilized society.

Thomas Jefferson once said:

Were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter.

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Tax Due Dates & The FBAR: Get With The New Program Peeps!

Manasa Nadig

Remember all that excitement around the Surface Transportation and Veterans Health Care Choice Improvement Act? Yes, I bet you do! We talked about it here. So it is here- the new FinCEN Form 114 (aka FBAR) filing deadline!

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California Businessman Sentenced For Hiding $23.5 MM Offshore!

Ron Marini

A Californian businessman was sentenced to 24 months in prison today for hiding more than $23.5 million in offshore bank accounts and evading more than $8.3 Million in Federal Taxes over seven years.

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FinCEN—FBARs Are Automatically Extended Until October 15!

Ron Marini

According to new law, returns for tax years beginning after Dec. 31, 2015, the due date of FinCEN Report 114 will be Apr. 15, with a maximum extension of 6 months ending on Oct. 15.

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A Holiday Gift: What To Do About The Unfiled FBAR – Part 2

John Richardson

Yesterday, we started this blog post to hopefully encourage those with U.S. tax issues to consider whether they can deal with minor/unintentional FBAR violations as a “stand alone single problem”. There may be no need to escalate and expand one single problem into a multi-dimensional full blown tax problem that may end up with unintended and unanticipated costly professional fees as well as undue time spent! Read on and learn why. Keeping a calm head is most important, even if it is most difficult to do in the face of the scary situation of not being in compliance with the U.S. tax and regulatory regime.

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Tax Changes Coming In 2017: What U.S. Expats Need To Know

Ephraim Moss

While the past year did not produce any monumental changes to U.S. tax law, there are a number of noteworthy changes that expats should keep in mind as we enter 2017. We also share a few highlights from President-elect Trump’s current tax plan.

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

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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New IRS Instructions For Amending A Streamlined Submission

Recently, the IRS updated its Frequently Asked Questions and Answers page for the Streamlined Procedures to include a new section on amending Streamlined submissions. Since the inception of the Streamlined amnesty program, there has been some uncertainty as to how taxpayers should proceed if they realize, after the fact, that they have made a mistake on a Streamlined submission.

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How The “Assistance In Collection” Provisions In The Canada-U.S. Tax Treaty Facilitates “U.S. Citizenship Based Taxation”

John Richardson

I commented on an article titled: “Why is the IRS Collecting Taxes for Denmark?” which appeared at the “Procedurally Speaking” blog. The article is about the “assistance in collection” provision which is found in 5 U.S. Tax Treaties (which include: Canada, Denmark, Sweden, France and the Netherlands). I am particularly interested in this because of a recent post at the Isaac Brock Society.

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