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...
The IRS Will Never Know About My Offshore Financial Accounts
We often hear clients say "The IRS will never know about my offshore financial accounts and assets," with conviction as if they are wishing it to be true. Unfortunately, the reality of today's world is much different. The truth of the matter is shocking to many people: The IRS is...
US Court of Appeals Upheld Requirement for IRS FBAR Reporting
The Sixth District of the US Court of Appeals upheld requirement for IRS FBAR reporting recently. The decision affirmed the actions of a US District Court which dismissed a complaint which challenged FATCA and the requirement to come into compliance with IRS FBAR disclosures. The lawsuit sought to prohibit...
IRS is Closing In on US Taxpayers with Offshore Accounts
The IRS is closing in on US taxpayers with offshore accounts thanks to the global exchange of information which has been a by-product of FATCA and the Justice Department's pursuit of Swiss banking and financial interests. The deal between the IRS and Swiss institutions ultimately led to an agreement to...
Brazilian FATCA Offshore Disclosures Net $4 Billion US
The deadline for Brazil's offshore account, income and asset reporting passed last week. The Brazilian Federal Revenue Secretariat (SRF) - Brazil's equivalent of the IRS - claims more than $4 Billion (US) in revenues from voluntary disclosures much like the US Offshore Voluntary Disclosure Program or OVDP. The Brazilian FATCA offshore...
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...
No Extension for June 30 FBAR Filing Deadline – Panama Papers Ruffle Feathers
There will be no extension to the June 30 FBAR filing deadline for US taxpayers who are required to file an IRS FBAR (Report of Foreign Bank and Financial Accounts). FBAR forms must be submitted electronically on or before June 30, 2016 for tax year 2015. Who must file an...
Improving Offshore Reporting and FBAR Compliance Top Priority for IRS
Improving offshore reporting and FBAR compliacne associated with foreign bank accounts, investments and income remains a top priority for the IRS according to IRS Commissioner John Koskinen. Commissioner Koskinen also said "Taxpayers here and abroad need to take their offshore tax and filing obligations seriously." What are those who continue to...