The US Treasury Department published the latest list of those who renounced their US citizenship in 2016. The recent spike in renounced citizenships has been tied to US taxation of worldwide income for all US residents and taxpayers. 5,411 individuals renounced their US citizenship in 2016, and while this may...
Year End Tax Planning – Why Turbo Tax is No Solution for FBAR
Why are there so many people who have used Turbo Tax and other home tax software solutions (including the free IRS version) who are now facing tens of thousands of dollars in FBAR penalties, fines and IRS audits? Because Turbo Tax is no solution for FBAR or any other remotely...
Should You Report Previous Offshore Income Through an FBAR Voluntary Disclosure
A storm is on the horizon for those who fail to report offshore financial activity to the IRS. We are often asked by clients, especially foreign nationals who live and work here in the San Diego area, if they should report previous offshore income to the IRS through an FBAR...
Has the IRS Decided to Stop Accepting Streamlined Applications for FBAR Compliance?
Has the IRS decided to shut down the application process for the Streamlined Domestic Offshore Procedures under FBAR? Streamlined applications for FBAR compliance used to be submitted to the IRS via facsimile. The IRS has recently stopped access to fax submission of streamlined applications, and this may be a sign...
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...
How Complicated is a Non-Willful Claim on IRS Streamlined Application?
How complicated is a non-willful claim on IRS Streamlined application form 14654? Lets just say the IRS isn't going to take your word for it, slap you on the wrist with a 5% penalty and send you on your way. In fact, the Streamlined Domestic Offshore Procedures form 14654 requests...
Streamlined Domestic Offshore Procedures Still a Viable Option for Foreign Nationals
The offshore focus of the US Treasury Department and the IRS is well documented, and many questions remain for those who have either yet to take action to come into compliance with IRS FBAR and offshore reporting or for foreign nationals who may not have realized the requirements. Our office...
IRS Changes Streamlined Domestic Offshore Procedures Forms
The IRS has made significant changes to the forms associated with the Streamlined Domestic Offshore Procedures, a voluntary disclosure to the US government of offshore accounts, assets and income. The streamlined program was designated for US taxpayers who exhibited "non-willful" conduct in terms of why they failed to report offshore...
Why Should US Taxpayers With Offshore Accounts and Assets Be Cautious When Considering the Streamlined Domestic Offshore Procedures?
Why shouldn't every US taxpayer with offshore accounts or assets choose the Streamlined Domestic Offshore Procedures when coming into compliance with the IRS and FBAR reporting requirements under FATCA? Why wouldn't a US taxpayer simply want to claim "non-willful" conduct in their disclosures of offshore bank accounts, investments and assets...