Archive: fbar

  • Clear Filters

Is an Executor Liable for a Decedent’s Unpaid FBAR Penalties?

English historian Thomas Fuller once wrote, “Travel makes a wise man better but a fool worse.” In the context of U.S. FBAR penalties, Mr. Fuller’s words are particularly applicable to a U.S. taxpayer who foolishly fails to report applicable foreign financial accounts. Unfortunately, even after death, a decedent’s foolishness can saddle his/her personal representative with […]

Moving to the U.S.? Three Tax Tips Before You Go

For someone moving to the U.S. who is unfamiliar with the U.S. tax system, it is easy to feel overwhelmed by the complexity of U.S. tax returns. These top three tips can help you avoid the common pitfalls. As a U.S. tax resident, you are taxed on your worldwide income in the United States. Let’s […]

Caution: Corporations with NOLs and a Foreign Subsidiary Must File Federal Tax Returns with Form 5471 on Time to Avoid Penalties

Avoid this common misunderstanding. U.S. corporate leaders may assume that their U.S. federal Form 1120 corporate income tax return does not need to be filed on time if the company has a loss for the year. If the U.S. corporation owns an interest in a foreign subsidiary corporation, this misunderstanding can cost a U.S. corporation with […]
January 27, 2017

U.S. Treasury Issues New Proposed FBAR Rules

The U.S. Treasury has issued proposed regulations governing the filing of U.S. Foreign Bank Account Reports (FBAR). The new rules provide several key revisions to the existing FBAR regulations under 31 CFR § 1010.350. The FBAR regulations are issued under the legislative authority of the Bank Secrecy Act. Key points of the proposed regulations include: […]

Reporting Foreign Accounts and Offshore Assets

Are you in Compliance for 2015? If you are a U.S. person it is important to make sure that you are properly disclosing foreign accounts and offshore assets to avoid substantial penalties. A U.S. person must file the FinCEN Form 114 Report of Foreign Bank and Financial Accounts (“FBAR”) to disclose foreign accounts if the […]

Late FBAR or Form 5471? IRS Amnesty for Unreported Foreign Accounts and Offshore Assets

Are you a U.S. taxpayer with foreign accounts or offshore assets? Have you reported all of the income from the foreign accounts or offshore assets on your U.S. federal tax return? Have you filed all required Foreign Bank Account Reports (FBARs) and other foreign reporting information returns, such as the Form 5471 to report ownership […]

New Procedures Announced for Unfiled FBARs

The IRS has provided new filing procedures for certain taxpayers with delinquent FBARs, allowing them to avoid penalties without participating in the various voluntary compliance programs. The FBAR is the Foreign Bank and Financial Accounts form used to disclose the existence of all foreign bank, brokerage, and certain other asset accounts, as well as the […]

IRS Issues Guidance on Foreign Bank Account Report / FBAR Penalties

U.S. persons are required to file the FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR) to report a financial interest in or signature authority over foreign accounts. There is a $10,000 civil penalty for the non-willful failure to the file the FBAR. The penalty for the willful failure to file the FBAR […]

2014 FinCEN Form 114: Foreign Bank Account Reports Due June 30, 2015

The U.S. Financial Crimes Enforcement Network (FinCEN) Form 114 is the Report of Foreign Bank and Financial Accounts. The FinCEN Form 114 is commonly referred to as the “FBAR,” which replaces the prior Form TD F 90-22.1. A U.S. person must file an FBAR if the U.S. person has a financial interest in or signature […]

Options for Delinquent Prior Year FBARs and U.S. Foreign Reporting Forms 8938, 5471, 8865, 3520, etc.

What do I do if I had unreported offshore assets or foreign accounts for prior years? What is the risk of not filing U.S. foreign reporting forms for prior years? These are questions that U.S. international tax reporting and compliance specialists hear often these days. Surprisingly, the average tax return preparer does not have specialized […]