Janathan Allen, our San Diego FBAR lawyer helps foreign nationals comply with the IRS and fulfill offshore financial disclosures. The penalties for US taxpayers including resident foreign nationals are quite high. Ignorance of the law is no excuse before the IRS, so the international tax attorneys at Janathan L. Allen,...
FBAR Requirements if You Are Listed on an Offshore Account
What are your FBAR requirements if you are listed on an offshore account or investment? The penalties associated with non-compliance with the reporting of offshore accounts, assets and income to the IRS continue to escalate. Many US taxpayers including resident foreign nationals are not aware there are FBAR requirements if...
FBAR Preparation and Filing to Ensure Compliance
Allen Barron provides extensive tax expertise and assistance with FBAR preparation and filing to ensure compliance with all IRS requirements. If you have offshore bank accounts, investments, assets or own or control a portion of a foreign corporation you must be in full compliance with the IRS or face a...
It?s Never Too Late to Go Back and Correct Past FBARs
It?s never too late to go back and correct past FBARs and file amended returns with the IRS.? This isn't always the best strategy, but it should definitely be considered - especially when there are concerns with "willful" conduct on the part of the US taxpayer to hide money or...
Overseas Bank Accounts Could Still Cost You $100,000 or More
If you are a US taxpayer, including foreign nationals who live and work in the United States you need to take notice. Overseas bank accounts could cost still you $100,000 or more in penalties and interest if the aggregate balance of your offshore accounts exceeds $10,000 at any point in...
Is This The End of the OVDP for IRS FBAR Disclosures
Is this the end of the OVDP for IRS FBAR disclosures regarding offshore bank accounts, investment accounts and assets? The IRS has in fact announced it will close the Offshore Voluntary Disclosure Program or OVDP on September 28, 2018. The IRS has strongly recommended that all US taxpayers, including resident...
IRS Announces an End to Offshore Voluntary Disclosure Programs
As the IRS announces an end to Offshore Voluntary Disclosure programs associated with the reporting of offshore bank accounts, investments and assets, US taxpayers are urged to come into compliance with IRS FBAR reporting or face steep fines and criminal prosecution. The IRS announced yesterday it will bring the 2014...
Is Bitcoin Triggering IRS FBAR Reporting Requirements?
Is your investment in a cryptocurrency such as bitcoin triggering IRS FBAR reporting requirements for your tax return? What are the potential penalties for failing to disclose your bitcoin holdings, especially if they are housed in an offshore exchange? if you have amassed more than $10,000 in your digital wallet or...
IRS FBAR Requirements and Your Risks as a Taxpayer
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...