There continues to be confusion regarding what constitutes a willful or non-willful attempt to avoid US taxes as it relates to offshore bank accounts, investments, assets and income. The IRS has purposefully failed to clarify this issue over the past 7 years. This is the first piece of evidence a...
Non-Resident Indians or NRIs Face IRS Offshore Scrutiny
Citizens and former residents of India face genuine tax issues while they live and work in the United States. Many Non-Resident Indians or NRIs face IRS offshore scrutiny and FBAR compliance issues. Many have come to the US to work, and are unaware of tax obligations that have developed as...
Has the IRS Decided to Stop Accepting Streamlined Applications for FBAR Compliance?
Has the IRS decided to shut down the application process for the Streamlined Domestic Offshore Procedures under FBAR? Streamlined applications for FBAR compliance used to be submitted to the IRS via facsimile. The IRS has recently stopped access to fax submission of streamlined applications, and this may be a sign...
Are Foreign Nationals US Residents for IRS Tax Purposes?
Many foreign nationals come to the US each year, often under an H1-B visa, in order to live and work. It is important for you to understand US tax laws as a resident of the United States - even if you have not yet received a green card or other permanent...
The World is Becoming Much Smaller for Tax Evasion
It is a bitter pill to swallow. There are fewer and fewer secrets. The world is becoming much smaller for tax evasion and the authorities have broken the backs of banks and financial institutions worldwide. They have used FATCA to drag huge Swiss Banks and Cayman Island institutions into court...
Important Tax Information for Foreign Nationals in US
Are you a foreign national living or working in the United States? Allen Barron has important tax information for foreign nationals in US territories or who live and work in any of the 50 states: You are required to report all foreign bank accounts, investments and assets to the IRS...
None of My Friends are Worried About FBARs Why Should I?
Foreign nationals who reside in the United States and those who are here working on an H1-B visa are required to report all offshore bank and investment accounts, assets and income to the IRS and to come into compliance with FBAR reporting. We have heard many clients ask: "None of my...
How Complicated is a Non-Willful Claim on IRS Streamlined Application?
How complicated is a non-willful claim on IRS Streamlined application form 14654? Lets just say the IRS isn't going to take your word for it, slap you on the wrist with a 5% penalty and send you on your way. In fact, the Streamlined Domestic Offshore Procedures form 14654 requests...
Foreign Nationals Must Meet FBAR Compliance – Residing or Working in US
For those who are residing or working in the United States it is important to understand foreign nationals must meet FBAR compliance and reporting. Many professionals working under an H1-B visa, or those who are married to US citizens do not realize they must make a full disclosure of their...