If you have offshore bank accounts, investment accounts or assets you need to understand IRS FBAR requirements and your risks as a taxpayer here in the United States. While many US taxpayers understand the concept of an IRS FBAR there are still a surprising number who do not understand the...
The IRS Begins Accepting 2017 Tax Returns
The IRS begins accepting 2017 tax returns as tax season is upon us. Allen Barron is uniquely structured to prepare and file your international, domestic, business and personal tax returns. Our tax attorneys are supported by Allen Barron's accounting professionals as we work toward this year's deadline of April 17. ...
How Can Allen Barron Better Protect You and Your FBAR Compliance
How can Allen Barron better protect you and your FBAR compliance issues with the IRS? How can Allen Barron help you come into compliance with IRS FBAR reporting requirements while keeping associated penalties and risk at a minimum? Allen Barron is uniquely positioned to provide sound counsel and comprehensive services...
IRS FBAR Reporting Notes and Caution Regarding Streamlined Application Filings
Recently released IRS FBAR reporting notes detailed some interesting facts regarding FBAR filings since the program's inception in 2007. In 2007 the IRS received 332,000 FBARs compared to more than 1 million FBAR reports for tax year 2015. The IRS noted it has charged hundreds with tax evasion and willful...
The US Tax Impact of Opening a Foreign Account
What is the US tax impact of opening a foreign account for a US taxpayer including foreign nationals who live and work in the United States? The requirement for US taxpayers to report offshore accounts has been around for quite some time. In 2004, the IRS added penalties for non-willful...
How Does the IRS Define Willfulness for FBAR Audit Purposes
How does the IRS define willfulness in terms of IRS FBAR compliance? When will the actions of a US taxpayer amount to a "willful or non-willful" evasion of IRS FBAR responsibilities? If you have offshore bank or investment accounts you have probably heard by now that you are required to...
IRS FBAR Compliance for Canadian and Mexican Nationals in the US
If you live or work in the United States it is your responsibility to understand tax laws. This is why Allen Barron has been a leader in IRS FBAR compliance for Canadian and Mexican nationals living and working in the US. Many foreign nationals who reside or work here in...
Make a Full, Transparent Voluntary FBAR Disclosure to the IRS or Face the Consequences
The recent case this month in the US District Court sends a clear message to US taxpayers: Make a full, transparent voluntary FBAR disclosure to the IRS or face the consequences. The case has shed some light into a backlog of lawsuits against the IRS regarding FBAR reporting requirements and the...
A New World of Financial Transparency and International Tax
2017 is dawning on a new world of financial transparency and international tax cooperation between global sovereign tax authorities and the world's banks and investment houses. What does this mean for international investors, US taxpayers with offshore accounts and assets and international business? In short - a reckoning. The primary...