IRS Increases FBAR Penalty

The FBAR is one of the most common forms in international tax, and one with the most notorious penalties.  These penalties are adjusted yearly for inflation.  The maximum civil penalty that can be assessed for failure to file an FBAR (Report of Foreign Bank and Financial Accounts), FinCen Form 114, has increased from to $12,921 […]


Even after the closing of the Offshore Voluntary Disclosure Program (OVDP) there are very attractive options for taxpayers to become compliant with their taxes and international reporting.  In some cases, without even having a penalty.  Additionally, there are two new laws for foreign corporations that need to be addressed. Full Article Here:  THE TIME IS […]

Foreign Earned Income Exclusion – Housing Costs

The foreign earned income exclusion allows for Americans living and working abroad to exclude earned income, up to $107,600/person for 2020.  To be eligible for the exclusion, taxpayers must have their main abode outside the U.S. and meet either the bona fide residence test or the physical presence test.  In addition to excluding earned income, […]

Transition Tax: Heed the IRS Warnings

In 2017, certain taxpayers were subject to a one-time tax on earnings in controlled foreign corporations under Section 965, also known as the transition tax.  Since this was a newly created, one-time tax, it was overlooked or unknown by many taxpayers.  However, for a few reasons, it seems that all applicable taxpayers will soon have […]

IRS Releases Draft International Forms for Partnerships

Despite claims of attempting to simplify compliance, in recent years, forms and compliance for international reporting has become much more detailed and complicated.  In keeping with this theme, the IRS has released drafts of new forms to allow partnerships to report international items to partners with greater detail. At first glance, for many taxpayers it […]

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