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Category: FBAR

Willful and Non-Willful Failure to File FBAR Penalties

8 April, 2024 | FBAR Tax Audits Tax Compliance

FBAR Penalties: What to Expect If You Don't Report Foreign Bank Accounts Nothing’s quite as alarming as finding out you’re in violation of a law that you didn’t know existed. If you have foreign bank or financial accounts, you may be required to file an FBAR every year. Failing to do so could mean paying tens of thousands of dollars in penalties. However, you do have options. Depending on your circumstances, how far behind you are in your filings, and whether or not you paid a... CONTINUE READING

Guide to Navigating IRS Voluntary Disclosure & Form 14457

7 November, 2023 | FBAR Tax Compliance

IRS Criminal Investigation Voluntary Disclosure Practice and Form 14457 If you suspect you may be investigated for a criminal tax matter, the best thing to do may be to come clean with a voluntary disclosure. The IRS's Voluntary Disclosure Practice may be able to help you prevent or reduce criminal prosecution for past actions related to IRS code violations. However, you should never take this step without consulting with an attorney — to get help now, contact us today at the Timothy... CONTINUE READING

Things You Need to Know About FBAR Reporting

11 March, 2021 | FBAR

Things You Need to Know About FBAR Reporting FBAR stands for Foreign Bank Account Report or Report of Foreign Bank and Financial Accounts. As the name suggests, it refers to reporting certain foreign bank accounts to the Treasury Department of the United States of America.  In extended terms, under the Bank Secrecy Act, FBAR is the legal procedure that needs to be complied with by eve... CONTINUE READING

FBAR IRS – Foreign Bank Records

22 December, 2013 | FBAR

FBAR IRS - Foreign Bank Records Recently the Court of Appeals for the Fourth Circuit affirmed a lower district court, and ruled that two US taxpayers are required to supply foreign account bank statements under a FBAR IRS subpoena. This ruling is consistent with other Courts around the country who have held that one can not invoke your fifth amendment rights to avoid producing the documents... CONTINUE READING

Foreign Account Tax Compliance Act – FATCA

2 November, 2013 | FBAR

Foreign Account Tax Compliance Act - FATCA In March of 2010, the Foreign Account Tax Compliance Act - FATCA was enacted as part of the tax law Hiring Incentives to Restore Employment Act. The purpose of this act is to target United States taxpayers with foreign accounts that are not tax compliant and are using... CONTINUE READING

Violation of FATCA Law

21 September, 2013 | FBAR

Violation of FATCA Law In the last few years the US government has made it a top priority to crack down on overseas accounts that are not reported on US tax returns by passing the FATCA law. The current trend changed in 2009 when the US government went after UBS (a Swiss Bank) for facilitating fore... CONTINUE READING

The Foreign Account Tax Compliance Act (FATCA) and Effect on 2012 OVDI

28 January, 2013 | FBAR

The Foreign Account Tax Compliance Act (FATCA) and Effect on 2012 OVDI Foreign financial institutions are now required by law to disclose information on U.S. account holders, and have until the end of 2013 to implement new policies to prevent those holders from evading American taxes by using foreign bank accounts. The program was established under the Foreign Account Tax Compliance Act, or FATCA, became law in 2010.  It requires that foreign fin... CONTINUE READING

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Willful and Non-Willful Failure to File FBAR Penalties

FBAR Penalties: What to Expect If You Don't Report Foreign Bank Accounts Nothing’s quite as alarming as finding out you’re in violation of a law that you didn’t know existed. If you have foreign bank or financial accounts, you may be required to file an FBAR every year. Failing to do...