On Line Poker Accounts Abroad Must Be Reported on Fbar ( form 114) by 6-30-14

Read more below. No extension of 6-30-14 Deadline for 2013 form 114 can be granted. Penalty for not filing is $10,000 or more!

http://www.onlinepokerreport.com/12647/fbars-us-online-gambling/

REPORTING BITCOIN ACCOUNTS ON FBAR (FORM 114) NOT REQUIRED FOR 2013

Virtual currency  (such as bitcoin) isn't subject to FBAR reporting... for now. During a recent IRS webinar titled "Reporting of Foreign Financial Accounts on the Electronic FBAR," Rod Lundquist, Senior Program Analyst in IRS's Small Business/Self Employed (SB/SE) division, stated that for purposes of the current filing season (i.e., for 2013 FBARs due later this month), taxpayers aren't required to report Bitcoin on an FBAR. However, he cautioned that IRS is continuing to analyze virtual currency and that this policy could very well change going forward.

Tool to Check If Your Foreign Bank is Registered to Report Your Bank Account To IRS

Click link below to find out:

http://www.irs.gov/Businesses/Corporations/FATCA-Foreign-Financial-Institution-List-Search-and-Download-Tool

77,000 Foreign Banks to Share Tax Info with IRS

From USA TODAY 77,000 foreign banks to share tax info with U.S. WASHINGTON — More than 77,000 foreign banks have agreed to share information about U.S. account holders as part of a crackdown on offshore tax evasion, the Treasury Department said Monday. The list includes 515 Russian financial institutions. Russian banks had to apply directly to the tax-collecting Internal Revenue Service because the U.S. broke off negotiations with Russia over an information-sharing agreement after Russia's actions in Ukraine. Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans hiding assets overseas. Participating countries include all the world's financial giants, as well as many places where Americans have traditionally hid assets, including Switzerland, the Cayman Islands and the Bahamas. http://usat.ly/1h0qtJi Get USA TODAY on your mobile device: http://www.usatoday.com/mobile-apps

87 year old man owes 150% of high balance FBAR Penalty

Read more: http://mobile.businessweek.com/news/2014-05-28/florida-man-87-owes-150-percent-of-swiss-account-jury-says

Maybe IRS disclosure program would have been better but he applied too late.

Where Offshore Tax Form Evaders Live and Keep Their Foreign Accounts

From Forbes.  Looks like if you live in California or New York you are primary suspect based on IRS statistics.  http://www.forbes.com/sites/ashleaebeling/2014/02/20/gao-report-where-offshore-tax-evaders-live-and-bank/

US EXPATRIATE AND INTERNATIONAL TAX EXPERT ATTORNEY CPA TO SPEAK AT FREE PUBLIC SEMINAR ON FEBRUARY 12, 2014 IN PUERTO VALLARTA, MEXICO

FATCA AND IRS REPORTING FOR DUMMIES - INVESTING IN MEXICO MADE EASY

INTERCAM GRUPO FINANCIERO will Present a Seminar on February 12, 2014 in Puerto Vallarta at the Hotel Marriott Casa Magna featuring Don D. Nelson, US Attorney and CPA.  He is a US expatriate and international tax expert who has been assisting Americans in Mexico for over 23 years.  The seminar will be at 6pm.

He will speak on:

• IRS filing requirements for reporting Mexican and other foreign financial accounts and how to avoid penalties for failing to file in a timely manner.
• The new form 8938 required to report Mexican and other foreign financial assets
• The new on line filing requirements for FBAR (foreign bank account reporting).  Yes you can no longer file on paper.
• IRS Reporting for Mexican Businesses, Corporations, and real estate.
• What to do if you have not been filing your US tax returns or foreign assets reporting forms and how to reduce or avoid the high penalties that may be imposed.
• Current IRS audit procedures and policies for expatriates.
• And he will answer your other questions on US taxation of those who live and work in Mexico

Don's informative and useful tax websites are located at www.TaxMeLess.com and www.Expatattorneycpa.com

Contact intercam at 52-322-2090696 to reserve your space.

Mr. Nelson will also be presenting a seminar in Melaque  the next evening. Intercam can provide you with more information on that seminar.

What to do when you have an undisclosed foreign account

What to do when a client has an undisclosed foreign account from the Journal of Accountancy. An excellent article with lots of good tips on how to handle the situation with the IRS

What is Correct FBAR Statute of Limitations? 6 years or ???

You still may not be safe after six years.  Closing the foreign account and not filing could make things worse!  Read more below:

http://www.forbes.com/sites/robertwood/2013/12/17/whats-the-fbar-statute-of-limitations/

HSBC DEPOSITOR FOUND GUILTY ON FAILURE TO FILE FBARS AND SHOW TAXABLE INCOME FROM DEPOSITS

Read all details including a copy of the courts guilty verdict in the Federal Tax Crimes Blog by Jack Townsend.

Avoid these problems by catching up now. After IRS contacts you, it is too late to apply for the amnesty allowed in the Offshore Disclosure Program.  We can help

Voluntary Regular Disclosure of Foreign Bank Accounts Goes Bad

http://www.forbes.com/sites/irswatch/2013/09/26/zwerner-answers-doj-effortsto-collect-multiple-50-percent-civil-fbar-penalties/

Disclose Your Foreign Financial Accounts or Else!

FATCA's Bleak Choices For Accounts, Income, Disclosure Read More in This Forbes Article

We have assisted, advised and represented hundreds of taxpayers disclose their foreign bank and financial accounts to the IRS.  If you need experienced attorney/CPA representation email us 

Better Hurry Up And Report Your Foreign Accounts!

Every American With Money Abroad--Anywhere Abroad--Is Impacted By Massive Bank Deal READ MORE HERE

FBAR NEW FILING METHOD PUZZLE?

Foreign Bank Accounts, IRS, FinCEN & Catch-22 http://www.forbes.com/sites/robertwood/2013/08/20/foreign-bank-accounts-irs-fincen-catch-22/

FBAR form TDF 90-22.1 replaced by FinCen Report 114

The FBAR form TDF 90-22.1 that US taxpayers must use to report their foreign bank and other financial accounts (usually including foreign stock brokerage accounts and pension plans) has been renamed as FinCen Report 114.  It now must be filed on line and cannot be filed on paper.  The renumbering of the form will only ad to the confusion many taxpayers have concerning the filing requirements for this form and when they must file it.

DOWNLOAD THE INSTRUCTIONS ON HOW TO USE THE NEW ON LINE FORM HERE

In June, the AICPA reported that Financial Crimes Enforcement Network (FinCEN) took a big step forward and began allowing third-party preparers of FBARs to e-file on behalf of account holders.  To facilitate the e-filing of FBARs, FinCEN has released a new FBAR e-filing authorization form.  The new form, FinCEN Form 114a, Record of Authorization to Electronically File FBARs, is to be used by filers who submit FBARs jointly with their spouses, or through third-party preparers.  The form should not be filed with the FBAR but copies of it must be maintained by both the filer and the account holder and made available upon request by FinCEN or the IRS. 

FinCEN is also making technical adjustments to ease FBAR filing and allow for enhancements such as introducing new space on the form for filers to provide reasons for late filing as well as the addition of third party preparer information. In addition, an FBAR batch filing capability is now available for testing. These new capabilities and the ability for filers to test their batch files are available on the BSA E-Filing Test site. Updated FBAR Batch Filing Specifications are also located on the BSA E-Filing Test site. FinCEN anticipates the revised electronic FBAR and batch capability will be available for general use by September 30, 2013.

If you need assistance filing late FBARs (now FINCEN Form 114) please email us at ddnelson@gmail.com or visit our website at www.TaxMeLess.com 

FBAR Must be filed On Line by June 30, 2013 for 2012 - On Line Form Has a Flaw which may cause trouble

The FBAR form (TDF 90-22.1) (report of foreign bank and financial accounts) must be filed by 6/30/13 on line to avoid potentially horrendous penalties.  The process is fairly simple, but has one glitch. After you

register, and are given access to the form (which looks just like the paper form), to finally submit the form you must enter a PIN number which the screens says was sent to you by email (at your the email address you gave when you registered). That statement often is not true. Many have never received a pin number by email and you cannot file the form without the  8 digit PIN number.

You can get your pin number by going back to the main screen and looking at the left hand column for the link there that mentions PIN in its description.  Click on that link and you can then receive a new PIN number and then go back to the submission screen, enter it, and you are done. Be certain to print out your proof of filing and keep track of your user name and password for next year.  This handy hint may save you 40 minutes or more waiting on the help line for them to explain to you that the website is not correct and then tell you where to find the PIN number.

The link to register to file your FBAR on line is at:  http://bsaefiling.fincen.treas.gov/Enroll_Individual.html

After June, paper form filings will not be allowed. If you try to file on paper, your form must arrive by 6/28/13.  Unlike tax forms, date of postmark does not count!

FATCA, FBAR, 8938 and Foreign Financial Asset Reporting Seminar in Cabo San Lucas, Mexico on 6/21/13

FATCA and IRS Foreign Asset Reporting Seminar in Cabo San Lucas on 6/21/13 presented by Intercam and Don D. Nelson, Attorney and CPA - READ MORE

FILE YOUR 2012 FBAR (TDF 90-22.1) ON BEFORE 6/28/13 ON LINE

You can file your FBAR form for 2012 on line in order to meet the 6/28/13 filing deadline. Got to  http://bsaefiling.fincen.treas.gov/Enroll_Individual.html to file it.  Print out a copy while there so you have proof it was filed.

The penalty for not filing  this Report of Foreign Bank and Financial Accounts can be $10,000 or more as well as the possibility of criminal prosecution in the event the IRS can show you intentionally did not file the form.  It is not a tax form, but a reporting form with tremendous penalties for not filing. 

Accelerated FBAR Filing Deadline in 2013

In general, FBARs must be received by the U.S. Treasury Department by
June 30. Because June 30, 2013, falls on a Sunday, FBAR filers should
plan to have their 2012 FBARs received by Treasury by Friday, June 28,
2013. Unlike income tax filings, the FBAR due date is not extended to the
next business day when the deadline falls on a weekend. In addition,
unlike income tax filings, there is no “mailbox rule” with respect to
FBARs, so the deadline is measured by the date received, not the date
sent.

 The FBAR should be delivered to the address shown in the
instructions to the FBAR (Rev. January 2012). A street address is provided
in the FBAR instructions if an express delivery service is used. Although
paper filings still are acceptable for timely filed 2012 FBARs, filings made
after June 30, 2013, are required to be done electronically (using the BSA
E-Filing System). 

Two Sentenced for Not Disclosing Foreign Bank Accounts to IRS

Read about the Sentences received  by two taxpayers who thought they could hide their assets and income abroad from the IRS.   One is 79 years old. ARTICLE IN USA TODAY

Your FBAR (TDF 90-22.1) forms must be received by the IRS by 6/30/13 reporting your foreign financial assets (including foreign pension plans in many instances).  Penalties for filing late or not at all can be $10,000 or more per year including possible criminal prosecution similar two the two guilty taxpayers mentioned in the article above.