TAX NEWS: CHANGES TO TAX RETURN & FBAR DEADLINES
Legislation passed in July 2015 made changes to the due dates for partnership tax returns, C corporation tax returns, FBARs, and other information tax returns. The modified due dates are for tax years beginning after December 31 2015 (except for C corporations with a fiscal year ending on a specific date, which is discussed below). […]
Tax News: IRS Updates for FBAR Penalties
Any US taxpayer with an interest in, or signatory authority over, a foreign financial account must file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) where the aggregate value of all foreign financial accounts exceeds $10,000 during a tax year. FBARs must be submitted to the IRS by June 30th of each […]
IRS Targets Offshore Accounts and Income in Dirty Dozen Tax Scams for 2015
The Internal Revenue Service (IRS) continues to remind taxpayers of the danger of hiding money or assets in unreported offshore accounts. The IRS has been very focused on this issue now for over 5 years. Violations of U.S. global tax reporting and FBAR filing laws can be criminal and there are severe civil penalties even for […]
IRS Increases Offshore ‘Amnesty’ Penalty From 27.5% To 50% for Certain Taxpayers Effective August 4, 2014
As discussed in our post on June 24, 2014, the IRS has announced important changes to its offshore voluntary account programs. These changes were announces as FATCA took hold worldwide on July 1, 2014. One of the biggest changes announced by the IRS was the changes made to the main disclosure program knows as the […]
IRS assistance for delinquent U.S. taxpayers living abroad? Sort of.
The IRS is still in the midst of its third Offshore Voluntary Disclosure Program. This program allows U.S. taxpayers who have failed to report foreign financial accounts and income to become compliant and avoid facing criminal prosecution. However, now the IRS has announced an additional program to assist U.S. taxpayers living abroad to become compliant. […]
IRS Resurrects Offshore Voluntary Disclosure Program (OVDP)
The IRS recently announced the resurrecting of the Offshore Voluntary Disclosure Program (OVDP) after its collection of more than $4.4 billion in back taxes from those programs in 2009 and 2011. The third offshore program is similar to its 2009 and 2011 predecessors with a few key differences: The new program does not have an […]
Foreign Financial Asset Reporting
In the coming days the Internal Revenue Service (IRS) plans to release a new information reporting form that taxpayers will use to report specified foreign financial assets for tax year 2011 forward. Form 8938 – Statement of Specified Foreign Financial Assets – will be filed by taxpayers with specific types and amounts of foreign financial […]