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/

IRS RELEASES NEW TAXPAYER BILL OF RIGHTS

IR 2014-72

In a news release, IRS has announced the adoption of a "Taxpayer Bill of Rights" to help taxpayers better understand their rights.

Background. In the past, Congress passed multiple pieces of legislation with the title "Taxpayer Bill of Rights." But National Taxpayer Advocate Nina Olson discovered that most taxpayers were unaware that "they have rights before the IRS."

New rights. After getting input from Ms. Olson, and because existing rights are scattered throughout the Code making it difficult for taxpayers to understand, IRS has announced the new Taxpayer Bill of Rights. It takes the multiple existing rights embedded in the Code and groups them into these 10 broad categories, making them more visible and easier for taxpayers to find on IRS's website:

1. The right to be informed.

2. The right to quality service.

3. The right to pay no more than the correct amount of tax.

4. The right to challenge IRS's position and be heard.

5. The right to appeal an IRS decision in an independent forum.

6. The right to finality.

7. The right to privacy.

8. The right to confidentiality.

9. The right to retain representation.

10. The right to a fair and just tax system.

The rights have been incorporated into a redesigned version of Publication 1, a document that is routinely included in IRS correspondence with taxpayers. The new version has been added to irs.gov. IRS says print copies will start being included in IRS correspondence in the near future.

TAXES, WHO PAYS AND HOW MUCH - BY COUNTRY, BY STATE AND WEALTH LEVEL

Great article by Bill Moyers with 8 charts showing tax levels by country, state, income level, etc.  READ MORE HERE

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.

IRS Direct Pay Now On Line for expats

If you file form 1040 as an expat or not. You can now pay taxes and estimates on line with a direct debit by IRS to your US  bank account for no extra charge. Do it here-   http://www.irs.gov/Payments/Direct-Pay

Ultimate US Tax Planning for Expatriates -CITIZENSHIP SURRENDER

Read about the high number of Americans surrender their US Citizenship. Once you do, in most situations (with some exceptions) you no longer have to file US tax returns. If you first acquire citizenship in a low income tax or no income tax country you may never have to pay income taxes again. Over 1,000 surrenders were listed for the first quarter of 2014 by the IRS and State Department.

Where are the low tax or no tax countries? See list of countries and tax rates HERE

See the list of countries with zero income tax per CNBC  HERE:http://www.cnbc.com/id/48054006

We have represented and advised over a hundred expats or US residents surrender their US Citizenship (or Long Term Green Card Holders surrender their residency).  We can prepare the tax forms, and give you the guidance to surrender successfully.  As an Attorney CPA we offer our clients attorney client privilege (absolute confidentiality) and have the knowledge and experience to do all of the complex tax paperwork. If you need assistance email me at ddnelson@gmail.com or visit my website at www.Taxmeless.com or www.expatattorneycpa.com.   

10 STEPS TO PAINLESS ESTATE PLANNING FOR EXPATS

Go to the following link for estate planning steps from CNN Money for expatriateshttp://money.cnn.com/2014/03/03/pf/estate-planning.moneymag/ .  If you need help from a US expat tax  Attorney  and CPA with over 32 years experience for your expat estate planning write ddnelson@gmail.com.