As promised, the IRS issued new instructions on streamlined procedures for certain low-risk non-residents to file late FBAR and income tax forms. The applicability of these procedures is very limited and applies only to taxpayers who: (1) are non-resident U.S. taxpayers who have resided outside of the U.S. since January 1, 2009 (2) have not… Continue Reading
Category Archives: FBAR
Subscribe to FBAR RSS FeedIRS Announces Third Late FBAR Amnesty Program
Posted in FBAR, InternationalIt’s tax deja vu with yet another IRS amnesty program for persons filing late disclosures of offshore financial accounts, commonly referred to as FBAR (Foreign Bank Account Reporting). The IRS announced that the new program generally resembles the 2009 and 2011 programs, except that there is no explicit ending date to the new program and the special amnesty penalty… Continue Reading
Latest FBAR Guidance – Limited Filing Extension
Posted in FBAR, InternationalThe IRS has again updated its guidance on their latest voluntary disclosure program for late FBAR filings for foreign accounts over $10,000. Specifically, certain persons having signature authority over, but no financial interest in, a foreign financial account in 2009 or earlier calendar years now have until November 1, 2011 to file those FBARs. This… Continue Reading
Latest FBAR Guidance – Extensions and Opting Out
Posted in FBARThe IRS updated its guidance on their latest voluntary disclosure program for late FBAR filings for foreign accounts over $10,000. Significantly, the guidance includes the ability to request a 90-day extension of the August 31, 2011 deadline if the taxpayer can demonstrate a good faith attempt to fully comply with FAQ 25 on or before… Continue Reading
IRS Updates Procedures for Determining Stock Basis
Posted in FBAR, GeneralIn Rev. Proc. 2011-35, the IRS updated the procedures for determining IRS updated the procedures for determining stick bases when a corporation acquires the stock of another corporation in a transferred basis transaction. The revenue procedure adopts the surveying and statistical sampling guidelines in Rev. Proc. 81-70, but updates and revises them to take current… Continue Reading
Subscribe to this blog via RSS
Retail Law Advisor
Goulston & Storrs
Follow us on Twitter
Subscribe to this blog by email
Follow Us on LinkedIn