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    Things You Need to Know About FBAR Reporting

    11 November, 2020 | 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

    A Detailed Note – Everything You Need to Know About FBAR Filing

    22 June, 2020 | FBAR

    A Detailed Note - Everything You Need to Know About FBAR Filing Like filing an annual tax return is the obligation of taxpayers of the United States, filing FBAR is also a duty of every taxpayer of the United States of America who have either $ 10,000 or more overseas financial holdings. Here one thing is noticeable if any US citizen has less than $ 10,000 foreign accounts’ balance but his/her overseas financials touched an amount of $ 10,000 at any poi... 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... 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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      Four Different Ways to Settle the IRS Tax Debts

      Tax Debt SettlementNo taxpayer wants to get into the IRS tax debt and need a tax debt settlement. Still, every year thousands of taxpayers get into it due to different reasons. And once they get into it, their tax debts keep increasing day-by-day with the...