FIFA has big problems, and not just limited to foreign bank account reporting. Yet many average Americans should watch at least one aspect of the FIFA criminal charges play out: the foreign account forms known as FBARs. Each U.S. citizen and permanent resident must report worldwide income to the IRS, even when paying taxes elsewhere. Moreover, you must file an annual FBAR (now called FinCEN Form 114) disclosing your foreign bank accounts if their aggregate value exceeds $10,000 at any time during the year. The penalties for either failure are big, potentially criminal.
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August 17, 2015
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August 17, 20150 Comments
Imagine owing up to $600,000 in penalties on, say, a $20,000 bank account simply because…
You’ve never seen IRS penalties like these was last modified: August 17th, 2015 by US International Tax AdvisorsPosted in: Foreign Bank Account Reporting (FBAR) -
August 7, 2015
Managing personal financial issues is challenging for most people. For American expats, the normal complexities…
Fatca Relief Coming for U.S. Expats Via ‘Same Country Exception’? – Opinion was last modified: August 10th, 2015 by US International Tax AdvisorsPosted in: Blog, Foreign Account Tax Compliance Act (FATCA) -
August 6, 2015
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Treasury Offers IGA Countries More Favorable FATCA Reporting was last modified: August 10th, 2015 by US International Tax AdvisorsPosted in: Blog, Foreign Account Tax Compliance Act (FATCA) -
August 5, 2015
Since July 1, eleven more Swiss banks have entered deferred prosecution agreements with the U.S. government….
IRS Offshore Account Penalties Go Up, More Banks Listed was last modified: August 10th, 2015 by US International Tax AdvisorsPosted in: Blog, Foreign Account Tax Compliance Act (FATCA) -
August 3, 2015
The Department of Justice announced today that two banks, Rothschild Bank AG and Banca Credinvest…
Two More Banks Reach Resolutions Under Justice Department’s Swiss Bank Program was last modified: August 10th, 2015 by US International Tax AdvisorsPosted in: Blog, Foreign Account Tax Compliance Act (FATCA) -
July 29, 2015
Tax laws can be complex, which is why you may need to hire tax experts…
4 Questions to Ask About the Foreign Account Tax Compliance Act was last modified: August 11th, 2015 by US International Tax AdvisorsPosted in: Blog, Foreign Account Tax Compliance Act (FATCA) -
July 27, 2015
On 24 July 2015, the Luxembourg tax authorities have announced that they are exceptionally postponing…
FATCA – Reporting Deadline Exceptionally Postponed Until 31 August 2015 was last modified: August 10th, 2015 by US International Tax AdvisorsPosted in: Blog, Foreign Account Tax Compliance Act (FATCA) -
July 23, 2015
Do you have any foreign financial accounts, such bank accounts, mutual funds, trusts or brokerage…
Filing Your FBAR: Should You File or Not? was last modified: August 10th, 2015 by US International Tax AdvisorsPosted in: Blog, Foreign Bank Account Reporting (FBAR)