Who Must File an FBAR:
Generally, every U.S. person with a financial interest in or signature or other authority over, any financial account outside of the United States, must file an FBAR if the aggregate value of all accounts exceeds $10,000 at any time during the calendar year. An FBAR must be filed by U.S. taxpayers that have signature authority over any account, even if they have no financial interest in or are not the owner of the account. Such accounts
include but are not limited to: bank, securities, pension funds, other financial accounts, any accounts with commingled funds, any accounts held by entities for which the individual is a shareholder/owner, etc.
FBAR Filing Deadline:
The FBAR
must be received on or before June 30th of the year following the calendar year being reported. It is not filed with your federal tax return. June 30, 2012 falls on a Saturday this year, but there has been no official announcement that individuals will not face late filing penalties if the FBAR is not received by the deadline. Therefore it may be prudent to file so that it is received by June 29, 2012.
There are three (3) pages of instructions and information as to the specific form and instructions can be found on
irs.gov and/or
bsaefiling.fincen.treas.gov. It should be noted that the information provided on these sites (as well as this site) should not be construed as legal advice.
How FBAR information can be used:
The information collected by the reporting can be provided to officers and employees of any division of the Treasury Department. These records may be utilized in performance of their duties and investigations as well as referred to other federal, state or local authority upon request for use in criminal, tax, regulatory investigation or proceeding, or other investigations and matters.
Do you need an attorney for FBAR issues?
If you have never filed an FBAR but should have --> you should immediately consult with a tax attorney familiar with international tax law or with a CPA that was with the IRS division of international tax.
If you are concerned about how the information will be used or could be used against you --> you should immediately consult with a tax attorney familiar with international tax law and financial/white collar crime defense or with an ex IRS official who is a CPA.
If you filed an incomplete or false FBAR --> you should immediately consult with a tax attorney who is familiar with international tax law and financial/white collar crime defense or with a CPA that was with the international division of the IRS.
How to get your tax law questions answered - confidentially:
You may wish to consult with an experienced tax attorney or with an ex IRS agent before filing the FBAR form or any other financial document that is requested or required of you because a seemingly simple form (admittedly, financial forms are never "that" simple) have far reaching consequences that can come back to haunt you
FBAR/OVDI LANCE WALLACH
FBAR Foreign Bank Account Reporting The IRS is assessing huge penalties for undisclosed foreign bank accounts, assets & income. Click for more info FBAR FILING DEADLING HAS BEEN EXTENDED
Tuesday, August 20, 2013
FBAR & INT'L Tax Report!
Need Help With Your Foreign Bank Account?
Click Link Below Free FBAR & INT'L Tax Alert report
http://lawyer4audits.com/fbar-ovdi-international.html
Posted by Lance Wallach at 12:57 PM
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Labels: FBAR, international tax, Lance Wallach, Opt-Out, OVDI
1 comment:
lance wallachMarch 12, 2014 at 3:25 PM
FBAR/OVDI LANCE WALLACH
FBAR Foreign Bank Account Reporting The IRS is assessing huge penalties for undisclosed foreign bank accounts, assets & income. Click for more info FBAR FILING DEADLING HAS BEEN EXTENDED
Tuesday, December 24, 2013
FBAR Offshore Bank Accounts and Foreign Income Attacked by IRS
FBAR Offshore Bank Accounts and Foreign Income Attacked by IRS
Posted by Lance Wallach at 9:19 AM 1 comment:
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http://lancewallachchfc.blogspot.com/
https://www.youtube.com/watch?v=WTMWg6bn0Bc
http://multinationaltaxesfbarovdi.blogspot.com/2013/12/fbar-international-tax-alert-report.html?showComment=1397481749542#c7747324770018422953
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Contact Information
Email :
Lanwalla@aol.com
Phone :
516-983-5007
Address :
Lance Wallach
www.TaxAudit419.com
www.Vebaplan.org
IRS Form 8938
FATCA requires any U.S. person holding foreign financial assets with an aggregate value exceeding $50,000 to report certain information about those assets on a new form (Form 8938) that must be attached to the taxpayer’s annual tax return. Reporting applies for assets held in taxable years beginning on or after January 1, 2011. Failure to report foreign financial assets on Form 8938 will result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification). Further, underpayments of tax attributable to non-disclosed foreign financial assets will be subject to an additional substantial understatement penalty of 40 percent.
Under FATCA, U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on a new form attached to their tax return. Penalties apply for failure to comply with this new reporting requirement. Reporting is required for assets held in taxable years beginning on or after January 1
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Lance Wallach
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