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
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
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
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
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
CP501 is one of the first notices that you will receive if you owe taxes to the IRS. Usually, the agency sends out CP501 notices to taxpayers whose accounts are in the automated collection system (ACS)....
