If you miss the April 15 FBAR filing deadline, you’ll receive an automatic six-month filing extension. For delinquent FBARs from prior tax years, you should use one of the offshore disclosure methods to file your late FBARs.
If you’re having tax problems
Category: Foreign Assets
If you failed to file FBARs for one or more tax years, you have several options for correcting your noncompliance. The best option for your situation will depend on many factors, and you should consult a tax attorney before choosing an offshore disclosure method.
You have three major option for filing Foreign Bank Account Reports (FBARs) for previous tax years. The best option for you will depend on the specific facts of your case, such as: Whether you failed to report foreign income during the tax years in question. Whether your failure to file was willful or non-willful…. Read more »
If you had a financial interest in or signature authority over foreign accounts exceeding $10,000, you need to file a Foreign Bank Account Report (FBAR). An unfiled FBAR can lead to a $10,000 penalty for non-willful violations and much higher penalties for willful violations.
According to the IRS, the US loses several billions of dollars every year as a consequence of individuals who either hide or fail to report their offshore revenue or foreign earnings. Offshore tax fraud or tax evasion is a crime if it is determined to have been committed willfully and one can face certain penalties… Read more »
Understanding Foreign Asset Reporting US tax code can be very confusing. This is especially true when it comes to reporting foreign assets. The IRS has a number of complex regulations regarding foreign assets and how they are reported, any of which can cause headaches for those filing. To give you some insight into the FBAR… Read more »
After a long period of relatively low scrutiny, probably because Bitcoin values were relatively stagnant, the cryptocurrency is now on the Service’s (IRS) radar. Under current “law,” and that is using the term loosely, Bitcoin is probably not reportable on FBAR forms. However, since this declaration comes not from Moses as he descended the mountain,… Read more »
FATCA Letters Don’t Discriminate At only 8 months old, Canadian-American Baby Elle has had to learn the hard way just how unforgiving the American global tax code system can be to those living/working outside the U.S. Less than a year old, and Baby Elle has already received a Foreign Account Tax Compliance ACT (FATCA) letter regarding… Read more »
As a general rule, non-US retirement plans are tricky for US citizens. And you won’t find a trickier example than an Australian superannuation. If you participate in one already, in this article I’ll give you a few friendly suggestions regarding this unfriendly subject. But first, the two big reasons that superannuations are so tricky in… Read more »
If you are a US citizen or resident alien with undeclared or misreported non-US financial assets, the Streamlined Filing Compliance Procedures (SFCP) are your best way to come forward and get compliant – if you qualify. This article explains how to know if you’re eligible. The underlying cause of your problem is that you have… Read more »