News & Analysis as of

Tax Returns Foreign Financial Accounts

Allen Barron, Inc.

IRS Updated Streamlined Filing Compliance Procedures

Allen Barron, Inc. on

What do you need to know about the IRS updated Streamlined Filing Compliance Procedures or "Streamlined Procedures?" Are you concerned about unreported or under-reported offshore income or assets? Are there accounts you...more

Freeman Law

IRS Goes After Holocaust Survivor for Willful FBAR Penalty

Freeman Law on

FBAR Penalties - On March 8, 2022, the Southern District of New York issued its Opinion in the case of United States v. Schik, No. 20-cv-0221 (MKV), 2022 U.S. Dist. Lexis 41148 (S.D.N.Y. Mar. 8, 2022). In that case, the...more

Freeman Law

Federal Court Imposes Willful FBAR Penalties on Long-Time CPA

Freeman Law on

In a recent decision, a federal district court found that a long-time CPA/tax-return preparer recklessly failed to file FBARs to disclose several foreign financial accounts. As avid readers of our Insights are aware, many...more

Foodman CPAs & Advisors

Are you a Taxpayer identified by IRS for not Reporting Offshore Financial Assets?

Taxpayers with unreported foreign financial assets and income run the risk of having the Government determine if their conduct was willful or non-willful. The definition of “Willful" or "non-willful” in Taxpayer’s conduct...more

Foodman CPAs & Advisors

El FBAR y La Declaración de Impuestos Se Sincronizan

La presentación de la declaración de impuestos (el 15 de Abril para los individuos) y el formulario de FinCEN -Informe 114, conocido como FBAR (el 30 de Junio para todos los contribuyentes) no estaban alineadas, y no existía...more

Foodman CPAs & Advisors

The FBAR and Tax Return are now in Sync!

The filing of the tax return (April 15 for individuals) and Report FinCEN Form 114, known as FBAR (June 30 for all taxpayers) were not aligned, and that there wasn’t an extension available for the FBAR. This disconnect is...more

Akerman LLP

2014 Foreign Financial Account Reporting Requirements

Akerman LLP on

U.S. citizens or residents who owned, directly or indirectly through an entity, beneficially or who had power of attorney/signature authority over one or more foreign financial accounts with an aggregate value exceeding...more

Akerman LLP

2012 Foreign Financial Account Reporting Requirements -- Important Filing Deadline on June 30, 2013

Akerman LLP on

U.S. citizens or residents who owned, directly or indirectly through an entity, or who had power of attorney/signature authority over one or more foreign financial accounts with an aggregate value exceeding $10,000 at ANY...more

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