Foreign Real Estate and Offshore Disclosure Landmines

Venar Ayar, JD, LLM (Tax) February 16, 2025 No Comments

Most law-related information on the web comes with a disclaimer towards the end. When discussing foreign real estate and offshore disclosure, though, I would put the disclaimer at the very…

What is the Penalty for Not Filing an FBAR Form?

Venar Ayar, JD, LLM (Tax) October 30, 2020 No Comments

Taxpayers who have foreign accounts or interests that exceed $10,000 at any point during the year must submit a Foreign Bank Account Report (FBAR) through the Financial Crimes Enforcement Network…

When You Should Hire an FBAR Tax Attorney

Venar Ayar, JD, LLM (Tax) August 28, 2020 No Comments

Do you hold overseas banking accounts? Do your foreign accounts exceed $10,000? Have you failed to disclose foreign holdings to the IRS? If you answered “yes” to any of these…

Amnesty Programs for Your Foreign Bank Accounts

Venar Ayar, JD, LLM (Tax) April 13, 2020 No Comments

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…

Is There Any Way to Avoid Paying FBAR Penalties?

Venar Ayar, JD, LLM (Tax) February 10, 2020 No Comments

You may be able to avoid paying FBAR penalties if you qualify for a delinquent FBAR submission or the Streamlined Compliance Procedures. These voluntary disclosure methods eliminate or reduce your tax…

How Much Are FBAR Penalties?

Venar Ayar, JD, LLM (Tax) February 7, 2020 No Comments

IRS examiners have discretion when assessing both willful and non-willful FBAR penalties. You could receive higher or lower FBAR penalties depending on the specific facts and circumstances of your case.…

3 Ways to Voluntarily Disclose your Foreign Bank Accounts

Venar Ayar, JD, LLM (Tax) November 18, 2019 No Comments

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…

How to File an FBAR for Previous Tax Years

Venar Ayar, JD, LLM (Tax) June 14, 2019 No Comments

Immersing yourself into different cultures overseas can be adventurous, but if you’re not careful, you could come back to the states to find yourself out of compliance with the IRS.…

What is the Threshold for FBAR Filing?

Venar Ayar, JD, LLM (Tax) June 13, 2019 No Comments

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…

What Are the IRS Streamlined Filing Compliance Procedures?

Venar Ayar, JD, LLM (Tax) November 8, 2018 No Comments

Many people may wonder what constitutes the IRS streamlined filing compliance procedures. The IRS streamlined filing compliance procedures are a system of procedures which allows US taxpayers the ability to…

Sentencing Guidelines for a Taxpayer Charged with FBAR Violations

Venar Ayar, JD, LLM (Tax) June 11, 2018 No Comments

Do you have Foreign Income? In case you have foreign income or assets, you might be under an obligation to file a Report of Foreign Bank and Financial Accounts (FBAR)…

How US Tax Law Applies to Australian Superannuation

Venar Ayar, JD, LLM (Tax) August 16, 2016 No Comments

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…

Don’t Ignore Your Bank’s FATCA Letter

Venar Ayar, JD, LLM (Tax) June 21, 2016 No Comments

Do you have US citizenship and a non-US bank account? By now you might have received a FATCA letter from your foreign bank asking about your US tax filing status.…

US Citizen with Foreign Life Insurance? Better Call Tax Ghostbusters

Venar Ayar, JD, LLM (Tax) June 17, 2016 No Comments

As a US tax lawyer, I see ghosts. Poltergeists, actually – the ghosts who cause real damage. The poltergeists are certain types of foreign financial assets which are perfectly normal…

Six Guidelines to Writing an SDOP / SFOP Statement of Facts that Will Be Accepted by the IRS

Venar Ayar, JD, LLM (Tax) May 31, 2016 No Comments

If you are thinking about enrolling in the Streamlined Domestic Offshore Procedures (SDOP) or Streamlined Foreign Offshore Procedures (SFOP) in order to resolve delinquent or unresolved FBAR reporting, you will…

How the OVDP Works With Passive Foreign Investment Companies (PFIC)

Venar Ayar, JD, LLM (Tax) February 12, 2016 No Comments

If you’re a U.S. citizen who has lived or done business outside the U.S. it may have seemed like a good idea to invest in a mutual fund over there,…

Tag: expat taxes

Foreign Real Estate and Offshore Disclosure Landmines

What is the Penalty for Not Filing an FBAR Form?

When You Should Hire an FBAR Tax Attorney

Amnesty Programs for Your Foreign Bank Accounts

Is There Any Way to Avoid Paying FBAR Penalties?

How Much Are FBAR Penalties?

3 Ways to Voluntarily Disclose your Foreign Bank Accounts

How to File an FBAR for Previous Tax Years

What is the Threshold for FBAR Filing?

What Are the IRS Streamlined Filing Compliance Procedures?

Sentencing Guidelines for a Taxpayer Charged with FBAR Violations

How US Tax Law Applies to Australian Superannuation

Don’t Ignore Your Bank’s FATCA Letter

US Citizen with Foreign Life Insurance? Better Call Tax Ghostbusters

Six Guidelines to Writing an SDOP / SFOP Statement of Facts that Will Be Accepted by the IRS

How the OVDP Works With Passive Foreign Investment Companies (PFIC)

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