Just a reminder that your IRS FBAR reporting is due along with your tax return on April 18th this year. The Foreign Bank Account Reports (referred to as FBAR) have previously been due later in the year, but 2017 marks a permanent change going forward. US taxpayers, including foreign nationals...
The IRS OVDP May Still be a Viable Option for Unreported Offshore Accounts
There is a lot of conversation nationally about IRS FBAR compliance and those who have not yet complied. Many US taxpayers may be wondering if the IRS OVDP may still be a viable option for unreported offshore accounts and assets. The answer is a qualified "yes." The reality is the...
Updates on Offshore Investments and IRS FBAR Reporting Requirements
The world is still unpacking the impact of FATCA and the IRS' intent to track offshore bank accounts, investments and corporations. The result is continuing pressure on offshore investments and IRS FBAR reporting requirements including PFIC tax calculations and the continuing expansion of 50% penalties on specific institutions identified by...
Make a Full, Transparent Voluntary FBAR Disclosure to the IRS or Face the Consequences
The recent case this month in the US District Court sends a clear message to US taxpayers: Make a full, transparent voluntary FBAR disclosure to the IRS or face the consequences. The case has shed some light into a backlog of lawsuits against the IRS regarding FBAR reporting requirements and the...
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...
World Leaders Developing New Standards to Identify and Exchange Beneficial Ownership Information
The goal of financial transparency worldwide is gaining momentum. The US FATCA initiative has spawned like legislation around the globe. The benefit of taxation derived from the discovery of offshore taxpayer financial accounts and interests has world leaders developing new standards to identify and exchange beneficial ownership information for bank...
What is GATCA and How is Costa Rica Handling Offshore Tax Reporting?
What is GATCA? Many clients want to know how are Southern and Central American countries such as Costa Rica handling offshore tax reporting and the global sharing of private taxpayer financial data? How is the continuing trend affect US investors, taxpayers and the foreign nationals who live and work in...
Mexico and South America to Implement Their Own FATCA Regulations
Just when many thought the wave of IRS focus on offshore accounts and investments had passed the next wave has reached our shores. The recent decisions by Mexico and South America to implement their own FATCA regulations means a continued tightening of inter-agency communication and international monetary tracking. The success...
IRS Form 5471 Carries Heavy Penalties and Consequences
If you have any ownership position in an offshore or foreign corporation it is important to understand your reporting responsibilities to the IRS. If you own 10% or more of any foreign corporation's voting authority, you are required to accurately and transparently complete IRS Form 5471 and attach it to your federal return...