Knowingly not filing your taxes, providing false information, and other tax crimes can have serious consequences for taxpayers. While some penalties may come in the form of fines, some punishments can be as severe as prison time. Take a look at five tax crimes and their penalties and learn why you need a tax attorney… Read more »
If you’re having tax problems
Category: Foreign Assets
If you have money in foreign bank accounts, you are not immune from disclosing that information to the IRS. The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions and other non-financial foreign entities to report foreign assets held by U.S. account holders. Individuals are also required to report their foreign financial accounts… Read more »
Disclosing your unreported offshore accounts can give you peace of mind because you no longer have to worry about massive penalties or IRS criminal investigation. There are several reasons to act quickly and take advantage of the current IRS offshore disclosure options. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Key Insights We Will Discuss: How you can limit your tax penalties… Read more »
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 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 »