Tag Archive for Offshore Assets

Beyond The FBAR

Other Civil Penalties Lying In Wait For The Unwary Taxpayer With Undisclosed Offshore Assets

With all of the focus on FBAR penalties when it comes to foreign asset reporting, it’s easy to overlook the others, some of which can be just as onerous as the FBAR penalty itself. What other pestilent civil penalties are lying in wait for the unwary taxpayer who decides not to participate in one of the IRS’s voluntary disclosure programs and is subsequently audited?

I. Failure to File a Tax Return Penalty

The civil penalty applicable for failure to timely file returns is section 6651(a)(1). This Read More

Written by | Posted in FBAR • International • IRS • OVDP • Tax Fraud/Evasion/Crimes

Learn The Real Facts: Unresolved US Tax Liabilities, Re-Entry To USA, Renewal Or Revocation of Your US Passport

There is a lot of misinformation on the internet nowadays on this topic. While overseas Americans must be careful not to fall prey to, what I consider, unscrupulous advisors that liberally employ certain scare tactics, neither must such Americans be complacent with their tax situation. It is clear that the Internal Revenue Service and Congress have set their sights on United States persons living and working abroad because the potential for tax evasion is greater with offshore assets and accounts. Here’s the scoop about unresolved tax liabilities and what they can mean for the American living abroad.

Federal Tax Lien

Taxpayers living overseas are often misinformed or often conveniently forget about their US Read More

Written by | Posted in International • North America • Tax Policy