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 FBAR penalties should be assessed.
FBAR & Foreign Disclosures
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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
The FBAR: Who Should File and What Happens If You Don’t
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?
June 6, 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
Streamlined Foreign Offshore Procedures: Complete Guide 2021
SFOP is an IRS amnesty program for U.S. taxpayers with unreported offshore income. Successful applicants get all non-filing penalties waived!
July 12, 2021
Streamlined Domestic Offshore Procedures: Complete Guide 2021
SDOP is an IRS amnesty program for U.S. residents who have unreported foreign income.
July 9, 2021
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
Let This FBAR Case Be a Cautionary Tale To People With Overseas Accounts
The IRS won a 120-million-dollar FBAR lawsuit. Every person with $10,000 or more in overseas accounts should take two minutes
October 28, 2019
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
IRS Offering A Tax Deal That Expatriates Can’t Refuse
The Internal Revenue Service is offering a stellar amnesty deal to qualifying expatriates who haven’t relinquished their citizenship because of
October 7, 2019