The era of absolute financial privacy in offshore banking, investment, and digital currency has effectively come to an end. For decades, many taxpayers operated under the assumption that geographical distance provided a natural shield against the awareness and abilities of the IRS. However, the modern regulatory landscape is built upon...
Is it Too Late to Correct Past FBARs and File Amended Returns with the IRS?
Is it too late to correct past FBARs and file amended returns with the IRS? The net is closing in on U.S. taxpayers with unreported or under-reported domestic and offshore income and assets. The IRS has increased audits in this area based upon a significantly improved ability to process data...
Are US Expats Facing a Tax Increase as a result of Tax Reform
While the details of the tax reform passed last year are still being unpacked, are US expats facing a tax increase as a result of tax reforms passed last year? The United States is one of the only countries in the world who taxes US taxpayers based upon global income, no...
IRS Audit Targets Based upon the Discrimination Function Amidst Other Factors
How does the IRS select which returns to audit each year? What is the IRS Discrimination Function System (DIF) and what additional factors increase your likelihood for an IRS audit? What are some of the primary IRS audit targets and what should you do if you are contacted for an...
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...
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...
What are the Panama Papers and What Picture Do They Paint of Offshore Tax Havens and the IRS?
In the past few days, news of the "Panama Papers" has revealed more than 11 million documents which contain private offshore banking information of many of the world's rich and famous. The papers reveal the offshore efforts to shelter income and assets of many world leaders and some of the...
This is the Last Year FBARs will be Due to the IRS by June 30
This is the last year that the Report of Foreign Bank and Financial Accounts, or FBAR, will be due to the IRS on June 30 (for tax year 2015). When filing an FBAR for this calendar tax year, 2016, it will be due earlier than previous years - April 15, 2017. This is...