By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Thursday, December 3, 2015. We are often asked for a definition of "willful" versus "non-willful" activity by a US taxpayer as it relates to the disclosure of offshore assets, accounts and interests. The exact criteria for...
IRS FBAR Penalties for Willful and Non-Willful Conduct
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, October 21, 2015. If you have a combined total of more than $10,000 in offshore bank accounts, assets or investments you are required to file an FBAR or Foreign Bank Account Report with the IRS...
New Streamlined Domestic Offshore Procedures for the OVDP Provide a Genuine Alternative for Resident US Taxpayers with Foreign Assets and Accounts
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Friday, June 27, 2014. The IRS released a major announcement last week that provides new Streamlined Domestic Offshore Procedures for the IRS OVDP for Resident US taxpayers. The new guidelines take effect July 1, 2014 and...
US Expatriates and Foreign Nationals Living and Working in the US Should Pay Close Attention to FBAR This Year
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, June 11, 2014. The Foreign Bank Account Report or FBAR is due June 30, and we are advising US expatriates, and all those with foreign accounts or assets to carefully consider the information they are...
US Taxpayers Need To Carefully Consider Claiming “Non-Willful” Conduct on OVDP Applications
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, July 9, 2014. US resident taxpayers and US expatriates need to exercise caution when considering a claim of non-willful conduct during OVDP submissions to the IRS. The IRS has clearly communicated that it intends to...
California Swiss Account Holders Will Be Required to Update FBARs with Previously Undisclosed Account Data
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Friday, May 16, 2014. Californians who have previously not reported assets and accounts they had secreted in Swiss institutions will be required to file amended Foreign Bank Account Reports, or FBARs with the IRS. The deadline...
If You Have Any Property or Assets Offshore Then June 30 is a Date You Should Have Circled in Red
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Monday, May 12, 2014. June 30 is an important deadline for any US citizen or foreign national working in the US that has any real property, assets or financial accounts outside of the United States. You...
How Can You Reduce Penalties for Under-Reporting FBAR or Foreign Accounting with IRS from 27.5% to 5%?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, June 25, 2014. The good news is that the IRS has released new streamlined guidelines for the OVDP that provide an opportunity for resident US taxpayers to reduce penalties for non-reported or under-reporting on the...
If You Have (or Should Have) Filed an FBAR with the IRS over the Past 8 Years You Need to Read This
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Monday, June 30, 2014. If you have filed an FBAR with the IRS over the past 8 years, or had any foreign asset or account in that period and did not fully disclose it to the...