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...
I Didn’t Know I needed to File an FBAR – Is That Non-Willful Conduct?
I hear it often - from dinner parties to fellow travelers to those who simply call for advice: "I didn't know I needed to file an FBAR." The next questions that follows are often: "This isn't that big of a deal is it? Can I simply catch up on my past FBARs and...
IRS Increases Tactics to Gain Access to Offshore Bank Records
The IRS adds many banks and financial institutions each month to the tens of thousands of tax and finance sources worldwide who have agreed to provide information directly to the IRS regarding the account balances and activities of US taxpayers overseas. Recently, the IRS aggressively expanded its tactics, issuing a...
IRS Voluntary Offshore Disclosures under the Streamlined Program Receive Disturbing News
We have been at the forefront of the IRS crackdown on offshore bank accounts, foreign investments and corporate ownership and the requirement for US taxpayers to come into compliance with FBAR reporting and associated IRS offshore voluntary disclosures. For those who have decided to file IRS voluntary offshore disclosures under the...
Do All IRS FBAR Filers Need to Consider a Voluntary Disclosure or OVDP?
Yesterday, we discussed the rapidly rising number of “Report of Foreign Bank and Financial Reports” or FBARs filed in 2015. This continues a five year rising trend, and demonstrates the number of US taxpayers with offshore bank accounts and international investments. It also leads to a serious question for FBAR filers:...
Record Number of FBARs Filed in 2015 – up 8% over 2014
The IRS has reported that the number of "Report of Foreign Bank and Financial Reports" or FBARs filed in 2015 is up by more than 8 percent over 2014. A staggering 1,163,229 FBARs were filed with the IRS, continuing the trend of an increasing number of US taxpayers filing the...
IRS Lists Hiding Income and Assets in Offshore Accounts in its “Dirty Dozen” Scam Targets
The IRS has listed hiding income and assets in offshore accounts in its "Dirty Dozen" annual scam target list. This is yet another signal to US taxpayers who have not yet come into compliance with the IRS and FBAR reporting reporting requirements relating to their offshore financial activities. The IRS...
IRS Adds Banks to the List of 50% OVDP Penalty Institutions
The IRS continues to add more and more international banks, financial and investment firms to its list of 50% OVDP penalty institutions each month. The list is based upon the IRS' determination that the bank or institution has actively helped US taxpayers to shelter income or avoid paying US taxes....