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
Tag Archives: FBAR
IRS Issues New FBAR Guidance – Updated FAQs and New Streamlined Procedures for Low-Risk Cases
Posted in Compliance, General, InternationalThe IRS published the anticipated update to the Frequently Asked Questions relating to the Offshore Voluntary Compliance Initiative (OVDI) relating to reporting of foreign financial accounts (commonly referred to as the “FBAR” reporting). The guidance also includes favorable rules for (1) U.S. citizens living abroad and dual citizens with low compliance risks (generally less than… Continue Reading
IRS 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
New Regulations On Foreign Financial Account Reporting
Posted in International, ProcedureThe IRS issued temporary regulations under the recently enacted section 6038D, Reporting of Specified Foreign Financial Assets. Previously the IRS issued interim guidance in Notice 2011-55 and has also published draft Form 8938 instructions. The statute and regulations are effective for tax years beginning after March 18, 2010. In general, section 6038D requires individual taxpayers… Continue Reading
FBAR Voluntary Disclosure – IRS Provides Short-term Extension to September 9
Posted in Compliance, General, International, Litigation/ControversyNOTE (Aug. 29, 2011): The IRS clarified that the Sept. 9, 2011, extension also applies to taxpayers filing delinquent FBARs pursuant to IRS Q&A 17 and 18 for the simplified program applicable to taxpayers who did not owe tax but failed to file the appropriate tax forms. _________________________________________________________ Due to Hurricane Irene, the IRS extended… Continue Reading
IRS Reminds Taxpayers of Aug. 31 Deadline for FBAR Voluntary Disclosure
Posted in Compliance, General, International, Litigation/ControversyThe IRS issued a press release reminding taxpayers that they have until August 31 to join the 2011 Offshore Voluntary Disclosure Initiative. According to the press release, the 2011 initiative offers benefits to encourage taxpayers to come forward rather than risk detection by the IRS, observing that taxpayers hiding assets offshore who do not come… 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
June 30 FBAR Deadline Extended for Certain Persons
Posted in InternationalJune 30th is the annual deadline for FBAR filing for certain persons with financial interest in, or signatory authority over, foreign accounts with balances over $10,000. Yesterday the government announced a one-year extension for a small subset of FBAR filers, namely certain employees of covered entities who have signature or other authority over accounts that… Continue Reading
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