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/PRNewswire/ -- The Federal Courts have been widening the scope of FBAR liability over the past few years. Subjective standards dictate whether you will end up...
/PRNewswire/ -- American taxpayers are required to report their income from any source, including foreign financial accounts and offshore income generating...
Share this article IRVINE, Calif., May 11, 2021 /PRNewswire/ -- According to a Department of Justice press release, another Swiss bank has entered into a deferred prosecution agreement with U.S. authorities and agreed to help in the investigation and prosecution of Americans who have failed to properly report their foreign bank accounts and related taxable foreign investment earnings under the Foreign Bank Account Reporting (FBAR) regime and U.S. income tax law. If you have a foreign bank account that has gone undeclared especially where a significant amount of related taxable offshore incom...
Share this article Share this article IRVINE, Calif., May 6, 2021 /PRNewswire/ -- Currently, it is becoming more and more common for taxpayers to utilize a foreign bank or financial accounts for plenty of valid reasons. Those who have a foreign or financial bank account should also know that the United States will tax them on offshore income earned and deposited in those accounts or on the investment income earned on the offshore capital. Therefore, it is important to understand your obligations when it comes to owning or controlling a foreign bank or financial account. If you believe that y...
Share this article Share this article IRVINE, Calif., April 20, 2021 /PRNewswire/ -- The IRS has developed computerized statistical protocols to identify when a return with potentially incorrect information has been filed. Reporting irregularities are found by comparing information supplied by third parties including financial institutions, individuals, and businesses. When a taxpayer's return is flagged by the IRS, they will then determine whether they should investigate the matter, which is the purpose of a tax audit. You may receive notice that an IRS agent wants to further examine the rec...