Specified Foreign Financial News Today

This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship.

When is a US Taxpayer required to disclose offshore accounts on an FBAR and IRS Form 8938? While many US taxpayers and expatriates have come to understand the requirements of the FinCEN...

Robert Goulder considers whether a taxpayer-friendly outcome in Farhy would spark a general reformation of the IRS international information reporting penalties.

Trusts are vehicles that can assist in the preservation of wealth and property for future generations, protect assets, or carry out a charitable purpose. A trust is an entity created...

We continue with Part 2 – International Tax Primer for US Taxpayers and Expatriates with one of the most common forms associated with foreign asset and income reporting to the IRS: Form...

In 2010, the U.S. Congress enacted the Foreign Account Tax Compliance Act (FATCA) to prevent U.S. taxpayers from using hidden offshore bank accounts to commit tax evasion. But a massive...

In the first 12 years of the U.S. Foreign Account Tax Compliance Act, the IRS has spent nearly $600 million on enforcement but has only managed to collect $14 million in penalties in...

To embed, copy and paste the code into your website or blog: FinCEN recently took another important step toward bringing virtual currency into the financial assets reporting scheme. Taxpayers that have $10,000 or more in a foreign bank account have long been required to file a foreign bank account report (or “FBAR”) on FinCEN Form 114. The penalties for failing to report foreign bank accounts are significant: $10,000 for a non-willful failure and the greater of $100,000 and up to 50 percent...