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Showing posts with label FBAR. Show all posts
Showing posts with label FBAR. Show all posts
April 30, 2024

When Must a US taxpayer or Expatriate File Forms 114 and 8938?

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When is a US Taxpayer required to disclose offshore accounts on an FBAR and IRS Form 8938? While many US taxpayers and expatriates have come...
July 5, 2022

G TO IRS (THIS INCLUDES FOREIGN PENSIONS, STOCK ACCOUNTS, ETC.) ON FORM 114 FBAR

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Many United States taxpayers have foreign bank and financial accounts that they are obligated to report. However, many of these foreign acco...
November 8, 2021

FBAR $10,000 NONWILLFUL FAILURE TO FILE PENALTY IS HELD TO BE $10,000 PER ACCOUNT AND NOT PER FORM

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District Court holds (1) FBAR Penalty Statute of Limitations is Waivable and (2) FBAR Nonwillful Penalty is Per Account (11/8/21) In  United...
November 5, 2021

US Taxpayer Pleads Guilty to Failure to File a Foreign Bank Account Report

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              CONCORD -  Georges Mazraani, 57, of Windham, pleaded guilty in federal court on Wednesday to willful failing to file a foreign...
April 9, 2021

FBAR Form 114 Filing Deadline has not been extended - but there is an automatic Extension

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With the extension of the individual filing deadline to May 17, 2021, practitioners have been asking if the FBAR filing deadline was also ex...
February 21, 2020

For 2019 You Will Not Have to report Vitural Currency held in an Offshore Account on Form 114 - This Rule May Change in the Future

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For this year the FinCEN has stated: “Currently the FBAR (Form 114) regulations do not define virtual currency held in an offshore account...
February 4, 2020

Your Heirs Will be Liable to FBAR Penalties if You Do Not Resolve filing FBARS and the penalties While you Are Alive

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If you do not file your Form 114 (FBAR) reporting your foreign bank and financial accounts, you can be penalized severely and so can your ...
August 9, 2019

Are Virtual Currencies such as Bitcoin reportable on FBAR forms (form 114)? - the answer is sometimes yes.

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The IRS does not consider virtual currencies such as BItcoin to be the same as cash or money. They consider it to be an asset to be treate...
April 10, 2019

Reporting Foreign Bank and Financial Accounts, Foreign Assets on your 2018 Tax Return

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You may be obligated to report your foreign financial accounts on line using form 114. Failure to do so may cause the IRS to assess penalti...
January 31, 2019

WARNING -CHECKING NO BOX ON SCHEDULE B CONCERNING OWNERSHIP OF FOREIGN BANK ACCOUNTS, WHEN YOU HAVE THEM SHOWS INTENT TO VIOLATE THE LAW

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If you check "No" on schedule B that you do not have a foreign bank account and check "No" that the combined balances o...
August 21, 2018

Guilty Plea of Taxpayer Who Failed to Report Million Dollars deposit in Israeli Bank.

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DOJ Tax announced  here  that Ben Zion Birman of Los Angeles pled guilty to willfully failing to file a Report of Foreign Bank and Financia...
May 1, 2018

WHEN TO REPORT DIGITAL CURRENCY ON YOUR FBAR form 114

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The IRS says it is not bound by oral advice.  Ignoring that rule,  we did received the statement below from an IRS agent by email. Dig...
November 1, 2017

All Expat Taxpayers Can Learn from Manaforts Indictment

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The criminal charges filed against former Trump campaign manager Paul Manafort and Richard Gates are serious. They are only accusations at...
October 31, 2017

Manaforts Failure to Report Foreign Finanical Accounts (Form 114 - FBAR) could result in 70 year Jail Term

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Forbes magazine article states this is the same way they got Al Capone....tax evasion. Make certain you report all foreign financial acco...
September 12, 2017

Determining if FBARS (forms 114, TDF 90-22.1) were filed for Prior Years or Securing Copy of Prior Year Filed FBARS

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Unfortunately  in the BSA E-file system there is no  paper copy of  electronically file forms. The system allows you to save a copy of the...
December 21, 2016

2016 FBAR (form 114) Gets an Automatic Extension of Time to File for 2016

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The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that, to implement the new due date for FinCEN Form 114,...
June 5, 2016

FBAR FORM 114 DEADLINE FOR FILING IS JUNE 30TH

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The deadline for filing  the 2015 form 114 to report your foreign bank and other financial accounts is coming up on June 30th.  The form m...
September 9, 2015

List of Foreign Banks Filing Reports with US Treasury of Foreign Bank Accounts (FATCA Bank)

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Wonder if your bank will be reporting your foreign account to the US Treasury.   The link below will allow you to check up to see if they a...
July 2, 2015

US NONREPORTING TAXPAYERS WITH SWISS ACCOUNTS FACE 50% PENALTIES

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See Forbes article for list of Swiss Banks Included http://www.forbes.com/sites/robertwood/2015/07/01/swiss-accounts-facing-50-irs-penaltie...
October 9, 2014

IRS Continues to Prosecute for Failing to File FBAR (form 114) forms and Collect Large Penalties

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Howard Bloomberg, a forensic account and certified fraud examiner of Atlanta, Georgia, pleaded guilty on Friday to failing to file a Forei...