Tag: offshore voluntary disclosure program

Offshore Voluntary Disclosure Program

Does the Offshore Voluntary Disclosure Program Work?

US residents or citizens who pay US taxes and hold financial assets outside of the country are required to report these assets when tax time comes around. Failure to do this, or filing a false return, can result in prison time and hundreds of thousands of dollars worth of fines. Fortunately, the Offshore Voluntary Disclosure […]

Foreign Bank Account Report

Foreign Bank Account Report Mistakes

If an American taxpayer has a financial interest in, or signature authority over, a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain statutory thresholds, that taxpayer may be required to report the account annually to the Department of Treasury, using a Foreign […]

FBAR Filing

FBAR Filing Deadlines Are Approaching

All U.S. citizens are required to report their worldwide income to the Internal Revenue Service and that FBAR deadlines are fast approaching. The FBAR, or Report of Foreign Bank and Financial Accounts, has an upcoming deadline that’s unrelated to their usual April 15th income tax return filing deadline. Under the Foreign Account Tax Compliance Act […]

FBAR

The FBAR and the IRS

The IRS is reminding taxpayers that federal law requires U.S. citizens and resident aliens with a foreign bank account to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In an IRS Newswire released today, the Service advised that most affected taxpayers need to complete and attach Schedule B […]

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