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Tag: FBAR

How to File an FBAR for Previous Tax Years

  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 »

How to Avoid Tax Problems When Moving Overseas

If you move overseas to retire or for other reasons, you’ll still need to stay on top of your U.S. tax obligations. That’s because the United States uses a citizenship-based taxation regime, unlike some other countries that tax income based on where it’s earned or where you live. Be aware of the following tax issues… Read more »

Criminal Investigations and Penalties for IRS Offshore Disclosure

IRS criminal investigations

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 »

Sentencing Guidelines for a Taxpayer Charged with FBAR Violations

FBAR

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) disclosing your assets and income to the IRS. The FBAR filing requirements specifically apply to US taxpayers with financial interest in, or signature authority over… Read more »

Bye, Bye, Baby Elle: Is FATCA Inflexible?

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 »

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

Don’t Be Turned Down for Streamlined Procedures When Trying to Resolve FBAR Reporting Problems 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 need to be ready to write your “complete story.” That’s because… Read more »