FBAR Filing Requirements: Who Needs to File FinCEN Form 114?
Did you just learn about FBAR filing requirements? Are you worried that you should have filed one and scared about what will happen if you don’t?
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Streamlined Domestic Offshore Procedures: Complete Guide 2023
SDOP is an IRS amnesty program for U.S. residents who have unreported foreign income.
January 15, 2023
Streamlined Foreign Offshore Procedures: Complete Guide 2023
SFOP is an IRS amnesty program for U.S. taxpayers with unreported offshore income. Successful applicants get all non-filing penalties waived!
January 15, 2023
Are Cryptocurrencies Foreign Assets Subject to FATCA and FBAR?
People often ask: Do Bitcoin and other digital tokens qualify as foreign assets under U.S. law? Answer: Not inherently. Cryptocurrency
January 13, 2023
FBAR Penalties: What Happens If You Don’t File the FBAR?
The FBAR, or Foreign Bank Account Report, is a form that must be filed annually by individuals who have foreign financial accounts with a total combined balance of $10,000 or more. Failure to file can result in significant FBAR penalties for individuals to understand their obligations and how to avoid penalties.
January 12, 2023
Do FBAR Penalties Apply Per Year or Per Account? Supreme Court to Decide
The United States Supreme Court has agreed to hear the case of Bittner v. United States regarding how civil, non-willful
August 18, 2022
IRS Voluntary Disclosure Program
The IRS Voluntary Disclosure Program (VDP) gives taxpayers a chance to avoid criminal tax charges by submitting their late or corrected tax returns and agreeing to pay the penalties.
July 8, 2022
Form 3520: Reporting Foreign Trusts and Gifts for US Citizens
If you received transactions from foreign trusts or entities during the tax year, you may need to file Form 3520.
June 27, 2022
FATCA Reporting: Filing Form 8938
Offshore accounts were once the go-to option for Americans who wanted to hide money from Uncle Sam. Those days are
June 16, 2022
IRS Adds Crypto to Voluntary Disclosure Program
Revised guidelines create a clear pathway for those with criminal concerns regarding unreported crypto.
February 23, 2022
IRS Removes an Option to Correct Foreign Reporting Errors
The IRS recently removed one of four options to correct foreign-based reporting omissions. The Delinquent Information Submission Procedure allowed taxpayers
November 13, 2020
International Tax Law: Tax Help for “Accidental Americans”
Several weeks ago, we discussed the IRS’ amnesty program for a slim sector of ex-pats and so-called “accidental Americans.” Now,
January 2, 2020
IRS Announces New Foreign Reporting Rules for CFC Shareholders
Do you own stock in a controlled foreign company? Did the repeal of section 958(b)(4) affect you? If yes, we
October 12, 2019