Showing posts with label FBAR. Show all posts
Showing posts with label FBAR. Show all posts
412i-419 Plans: FBAR/OVDI LANCE WALLACH: FBAR Offshore Bank Accoun...
412i-419 Plans: FBAR/OVDI LANCE WALLACH: FBAR Offshore Bank Accoun...: FBAR/OVDI LANCE WALLACH: FBAR Offshore Bank Accounts and Foreign Income Att... : FBAR Offshore Bank Accounts and Foreign Income Attacked by ...
FBAR Offshore Bank Accounts and Foreign Income Attacked by IRS
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Offshore International Today Aug 2011
Lance Wallach
You may want to think about participation in the IRS' offshore tax amnestyprogram (called the Offshore Voluntary Disclosure Initiative). Do you want to play audit roulette with the IRS? Some clients think they are too small to be prosecuted. They are wrong.
To the average businessperson, only the guys with tens of millions secretly stashed in Swiss bank accounts get prosecuted. Don't tell that to Michael Schiavo. He was just prosecuted for hiding money in a Swiss account back in 2003. How much money does the IRS say he hid? A whopping $90,000. That's it.
But wait, there is more to the story. Schiavo attempted to do a quiet disclosure during the 2009 amnesty but instead of filling out the amnesty paperwork, he simply trusted that by coming forward voluntarily he could avoid criminal prosecution. He was wrong on all counts. Nothing is too small for the IRS, and nothing is too old.
"So, to save a whopping $40,624 in taxes, this guy risked a felony conviction and prison time, not to mention steep penalties that could very easily eat up the entire $90,000, and also his criminal and civil defense costs.
The smart taxpayers are the ones coming forward and not having to look over their shoulders for the next 10 years.
Time is running out. The tax amnesty runs through August but it takes at least days to jump through all the hoops. We will also fight hard to reduce the penalties down even more. Remember, the IRS can go as low as 5%. Don't want this to happen to you? Visit taxadvisorexpert.com today!
Lance Wallach, National Society of Accountants Speakerof the Year and member of the AICPA faculty of teaching professionals, is a frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters. He writes about 412(i), 419, and captive insurance plans. He speaks at more than ten conventions annually, writes for over fifty publications, is quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio's All Things Considered, and others. Lance has written numerous books including Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, Bisk Education's CPA's Guide to Life Insurance and Federal Estate and Gift Taxation, as well as AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots. He does expert witness testimony and has never lost a case. Contact him at 516.938.5007, wallachinc@gmail.com or visit www.taxaudit419.com.
FBAR/OVDI LANCE WALLACH: Check out my #constantcontact newsletter
FBAR/OVDI LANCE WALLACH: Check out my #constantcontact newsletter: Check out my #constantcontact newsletter
Find Legal Articles
Don’t Get Stuck With a Foreign Bank Account
Have A Foreign Bank Account? FBAR Deadline is here. Filing deadline for the IRS’s offshore tax amnesty (called the Offshore Voluntary Disclosure Initiative).
If you don't comply you will get caught. For those with current offshore accounts, the deadline to file the annual Report of Foreign Bank and Financial Accounts (”FBAR”) is here.
* File your FBAR NOW. The form is known as the TD F 90-22.1 form.
* Make sure you check the box on Schedule B of your income tax return that asks if you have an interest in a foreign account. (Failing to file the FBAR is a felony and so is supplying the wrong information on your income tax return).
* Remember to report any foreign source income too. Thus if you have an offshore savings account make sure you report the interest even if it was taxed in another country.
Many foreigners living in the U.S. and dual nationals get confused by what gets reported on the U.S. return. The IRS wants to know about all of your income even if taxed elsewhere. If you don't have an accountant familiar with offshore reporting requirements, find one. One missed step could get you charged with a crime or facing a penalty of 50% of the highest account balance.
There are many special rules, and if you don't use an expert for this you will probably have a big problem. You probably need additional advice in addition to advice on the form. There are large fines for mistakes. The FBAR is a Treasury return. You probably need to file ASAP or at lease contact the IRS with your reason for filing late. They don't care about the mailing date; it must be received on time. Will they penalize you if it is received a day late?
The information provided herein is not intended as legal, accounting, financial or any type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.
ABOUT THE AUTHOR: Lance Wallach
Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, is a frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters. He writes about 412(i), 419, and captive insurance plans. He speaks at more than ten conventions annually, writes for over fifty publications, is quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio's All Things Considered, and others. Lance has written numerous books including Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, Bisk Education's CPA's Guide to Life Insurance and Federal Estate and Gift Taxation, as well as AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots. He does expert witness testimony and has never lost a case.
Copyright Lance Wallach, CLU, CHFC
More information about Lance Wallach, CLU, CHFC
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
* File your FBAR NOW. The form is known as the TD F 90-22.1 form.
* Make sure you check the box on Schedule B of your income tax return that asks if you have an interest in a foreign account. (Failing to file the FBAR is a felony and so is supplying the wrong information on your income tax return).
* Remember to report any foreign source income too. Thus if you have an offshore savings account make sure you report the interest even if it was taxed in another country.
Many foreigners living in the U.S. and dual nationals get confused by what gets reported on the U.S. return. The IRS wants to know about all of your income even if taxed elsewhere. If you don't have an accountant familiar with offshore reporting requirements, find one. One missed step could get you charged with a crime or facing a penalty of 50% of the highest account balance.
There are many special rules, and if you don't use an expert for this you will probably have a big problem. You probably need additional advice in addition to advice on the form. There are large fines for mistakes. The FBAR is a Treasury return. You probably need to file ASAP or at lease contact the IRS with your reason for filing late. They don't care about the mailing date; it must be received on time. Will they penalize you if it is received a day late?
The information provided herein is not intended as legal, accounting, financial or any type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.
ABOUT THE AUTHOR: Lance Wallach
Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, is a frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters. He writes about 412(i), 419, and captive insurance plans. He speaks at more than ten conventions annually, writes for over fifty publications, is quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio's All Things Considered, and others. Lance has written numerous books including Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, Bisk Education's CPA's Guide to Life Insurance and Federal Estate and Gift Taxation, as well as AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots. He does expert witness testimony and has never lost a case.
Copyright Lance Wallach, CLU, CHFC
More information about Lance Wallach, CLU, CHFC
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
FBAR/OVDI LANCE WALLACH: FBAR & International Tax Alert Report
FBAR/OVDI LANCE WALLACH: FBAR & International Tax Alert Report: The willful failure to file the FBAR report or retain records of your foreign accounts can potentially lead to a ten-year prison sentenc...
Offshore Money, FBAR International Tax and the IRS
Lance Wallach, National Society of
Accountants Speaker of the Year and member of the AICPA faculty of teaching
professionals, is a frequent speaker on retirement plans, abusive tax shelters,
financial, international tax, and estate planning. He writes about
412(i), 419, Section79, FBAR and captive insurance plans. He speaks at more
than ten conventions annually, writes for more than 50 publications, is quoted
regularly in the press and has been featured on television and radio financial
talk shows including NBC, National Public Radio’s “All Things Considered” and
others. Lance has written numerous books including “Protecting Clients from
Fraud, Incompetence and Scams,” published by John Wiley and Sons, Bisk
Education’s “CPA’s Guide to Life Insurance and Federal Estate and Gift
Taxation,” as well as the AICPA best-selling books, including “Avoiding
Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots.” He
does expert witness testimony and has never lost a case. Contact him at
516.938.5007, wallachinc@gmail.com or visit www.taxadvisorexpert.com.
While every effort has been made to ensure the accuracy of this publication,
it is not intended to provide legal advice as individual situations will differ
and should be discussed with an expert and/or lawyer. For specific technical or
legal advice on the information provided and related topics, please contact the
author.
Offshore Money, FBAR International Tax and the IRS
By
Lance Wallach, CLU, CHFC
Abusive Tax Shelter, Listed Transaction, Reportable Transaction Expert Witness
Lance Wallach, CLU, CHFC
Abusive Tax Shelter, Listed Transaction, Reportable Transaction Expert Witness
FBAR, International Tax, IRS audits be careful. IRS
Offshore Voluntary Disclosure Program Reopens Do YOU have money overseas? By
Lance Wallach, CLU, CHFC - Recently the Internal Revenue Service reopened the
offshore voluntary disclosure program to help people hiding offshore accounts
get current with their taxes.
Offshore Voluntary Disclosure Program Reopens Do YOU have money overseas? By
Lance Wallach, CLU, CHFC - Recently the Internal Revenue Service reopened the
offshore voluntary disclosure program to help people hiding offshore accounts
get current with their taxes.
Additionally, the IRS revealed the collection of
more than $4.4 billion so far from the two previous international programs.
The Offshore Voluntary Disclosure Program (OVDP) was reopened following
continued strong interest from taxpayers and tax practitioners after the
closure of the 2011 and 2009 programs. The third offshore program comes as the
IRS continues working on a wide range of international tax issues and follows
ongoing efforts with the Justice Department to pursue criminal prosecution of
international tax evasion. This program will remain open indefinitely until
otherwise announced.
Lance Wallach and his associates have received thousands of phone calls from
concerned clients with questions about the prior programs. Some of Lance’s
associates are still very busy helping people with the last program. Not a
single person has been audited and most are pleased with the results and are
now able to sleep easily without worrying about the IRS. According to Lance, it
requires years of experience to obtain a good result from the program.
He suggests using a CPA-certified, ex-IRS agent with lots of international tax
experience. While this is not a requirement to file under the program, Lance
has heard many horror stories from people who have tried to file by themselves
or who have used inexperienced accountants.
“Our focus on offshore tax evasion continues to produce strong, substantial
results for the nation’s taxpayers,” said IRS Commissioner Doug Shulman. “We
have billions of dollars in hand from our previous efforts, and we have more
people wanting to come in and get right with the government. This new program
makes good sense for taxpayers still hiding assets overseas and for the
nation’s tax system.”
The new program is similar to the 2011 program in many ways, but it has a few
key differences. Unlike last year, there is no set deadline for people to
apply. However, the terms of the program could change at any time going
forward. For example, the IRS may increase penalties in the program for all or
some taxpayers or defined classes of taxpayers – or decide to end the program
entirely at any point.
“As we've said all along, people need to come in and get right with us before
we find you,” Shulman said. “We are following more leads and the risk for
people who do not come in continues to increase.”
The third offshore effort accompanies another announcement that Shulman made
today, that the IRS has collected $3.4 billion so far from people who
participated in the 2009 offshore program. That figure reflects closures of
about 95 percent of the cases from the 2009 program. On top of that, the IRS
has collected an additional $1 billion from upfront payments required under the
2011 program. That number will grow as the IRS processes the 2011 cases.
In all, the IRS has seen 33,000 voluntary disclosures from the 2009 and 2011
offshore initiatives. Since the 2011 program closed last September, hundreds of
taxpayers have come forward to make voluntary disclosures. Those who come in
after the closing of the 2011 program will be able to be treated under the
provisions of the new OVDP program.
The overall penalty structure for the new program is the same for 2011, except
for taxpayers in the highest penalty category.
The new program’s penalty framework requires individuals to pay a penalty of
27.5 percent of the highest aggregate balance in foreign bank accounts/entities
or the value of foreign assets during the eight full tax years prior to the
disclosure. That is up from 25 percent in the 2011 program. Some taxpayers will
be eligible for 5 or 12.5 percent penalties; these remain the same in the new
program as in 2011.
Participants must file all original and amended tax returns and include payment
for back-taxes and interest for up to eight years as well as paying
accuracy-related and/or delinquency penalties.
Participants face a 27.5 percent penalty, but taxpayers in limited situations
can qualify for a 5 percent penalty. Smaller offshore accounts will face a 12.5
percent penalty. People whose offshore accounts or assets did not surpass
$75,000 in any calendar year covered by the new OVDP will qualify for this
lower rate. As under the prior programs, taxpayers who feel that the penalty is
disproportionate may opt instead to be examined.
The IRS recognizes that its success in offshore enforcement and in the
disclosure programs has raised awareness related to tax filing obligations.
This includes awareness by dual citizens and others who may be delinquent in
filing, but owe no U.S. tax.
more than $4.4 billion so far from the two previous international programs.
The Offshore Voluntary Disclosure Program (OVDP) was reopened following
continued strong interest from taxpayers and tax practitioners after the
closure of the 2011 and 2009 programs. The third offshore program comes as the
IRS continues working on a wide range of international tax issues and follows
ongoing efforts with the Justice Department to pursue criminal prosecution of
international tax evasion. This program will remain open indefinitely until
otherwise announced.
Lance Wallach and his associates have received thousands of phone calls from
concerned clients with questions about the prior programs. Some of Lance’s
associates are still very busy helping people with the last program. Not a
single person has been audited and most are pleased with the results and are
now able to sleep easily without worrying about the IRS. According to Lance, it
requires years of experience to obtain a good result from the program.
He suggests using a CPA-certified, ex-IRS agent with lots of international tax
experience. While this is not a requirement to file under the program, Lance
has heard many horror stories from people who have tried to file by themselves
or who have used inexperienced accountants.
“Our focus on offshore tax evasion continues to produce strong, substantial
results for the nation’s taxpayers,” said IRS Commissioner Doug Shulman. “We
have billions of dollars in hand from our previous efforts, and we have more
people wanting to come in and get right with the government. This new program
makes good sense for taxpayers still hiding assets overseas and for the
nation’s tax system.”
The new program is similar to the 2011 program in many ways, but it has a few
key differences. Unlike last year, there is no set deadline for people to
apply. However, the terms of the program could change at any time going
forward. For example, the IRS may increase penalties in the program for all or
some taxpayers or defined classes of taxpayers – or decide to end the program
entirely at any point.
“As we've said all along, people need to come in and get right with us before
we find you,” Shulman said. “We are following more leads and the risk for
people who do not come in continues to increase.”
The third offshore effort accompanies another announcement that Shulman made
today, that the IRS has collected $3.4 billion so far from people who
participated in the 2009 offshore program. That figure reflects closures of
about 95 percent of the cases from the 2009 program. On top of that, the IRS
has collected an additional $1 billion from upfront payments required under the
2011 program. That number will grow as the IRS processes the 2011 cases.
In all, the IRS has seen 33,000 voluntary disclosures from the 2009 and 2011
offshore initiatives. Since the 2011 program closed last September, hundreds of
taxpayers have come forward to make voluntary disclosures. Those who come in
after the closing of the 2011 program will be able to be treated under the
provisions of the new OVDP program.
The overall penalty structure for the new program is the same for 2011, except
for taxpayers in the highest penalty category.
The new program’s penalty framework requires individuals to pay a penalty of
27.5 percent of the highest aggregate balance in foreign bank accounts/entities
or the value of foreign assets during the eight full tax years prior to the
disclosure. That is up from 25 percent in the 2011 program. Some taxpayers will
be eligible for 5 or 12.5 percent penalties; these remain the same in the new
program as in 2011.
Participants must file all original and amended tax returns and include payment
for back-taxes and interest for up to eight years as well as paying
accuracy-related and/or delinquency penalties.
Participants face a 27.5 percent penalty, but taxpayers in limited situations
can qualify for a 5 percent penalty. Smaller offshore accounts will face a 12.5
percent penalty. People whose offshore accounts or assets did not surpass
$75,000 in any calendar year covered by the new OVDP will qualify for this
lower rate. As under the prior programs, taxpayers who feel that the penalty is
disproportionate may opt instead to be examined.
The IRS recognizes that its success in offshore enforcement and in the
disclosure programs has raised awareness related to tax filing obligations.
This includes awareness by dual citizens and others who may be delinquent in
filing, but owe no U.S. tax.
Lance Wallach, National Society of
Accountants Speaker of the Year and member of the AICPA faculty of teaching
professionals, is a frequent speaker on retirement plans, abusive tax shelters,
financial, international tax, and estate planning. He writes about
412(i), 419, Section79, FBAR and captive insurance plans. He speaks at more
than ten conventions annually, writes for more than 50 publications, is quoted
regularly in the press and has been featured on television and radio financial
talk shows including NBC, National Public Radio’s “All Things Considered” and
others. Lance has written numerous books including “Protecting Clients from
Fraud, Incompetence and Scams,” published by John Wiley and Sons, Bisk
Education’s “CPA’s Guide to Life Insurance and Federal Estate and Gift
Taxation,” as well as the AICPA best-selling books, including “Avoiding
Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots.” He
does expert witness testimony and has never lost a case. Contact him at
516.938.5007, wallachinc@gmail.com or visit www.taxadvisorexpert.com.
The information provided herein is not intended as legal,
accounting, financial or any type of advice for any specific individual or
other entity. You should contact an appropriate professional for any such
advice.
accounting, financial or any type of advice for any specific individual or
other entity. You should contact an appropriate professional for any such
advice.
While every effort has been made to ensure the accuracy of this publication,
it is not intended to provide legal advice as individual situations will differ
and should be discussed with an expert and/or lawyer. For specific technical or
legal advice on the information provided and related topics, please contact the
author.
Abusive Tax Shelters & 419 Plans Lawsuits: FBAR/OVDI LANCE WALLACH: FBAR-What are You Hiding
Abusive Tax Shelters & 419 Plans Lawsuits: FBAR/OVDI LANCE WALLACH: FBAR-What are You Hiding: FBAR/OVDI LANCE WALLACH: FBAR-What are You Hiding : The collapse of Swiss bank secrecy, the IRS settlement with UBS, the criminal investiga...
FBAR/OVDI LANCE WALLACH: FBAR- Is Your Bank Account A Secret
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
412i-419 Plans: FBAR/OVDI LANCE WALLACH: FBAR Offshore Bank Accoun...
412i-419 Plans: FBAR/OVDI LANCE WALLACH: FBAR Offshore Bank Accoun...: FBAR/OVDI LANCE WALLACH: FBAR Offshore Bank Accounts and Foreign Income Att... : FBAR Offshore Bank Accounts and Foreign Income Attacked by ...
Willful Failure to file the FBAR Report
The willful failure to file the FBAR report or retain
records of your foreign accounts can potentially lead to a ten-year prison
sentence and fines of up to $500,000. This criminal penalty applies to all US
citizens pursuant to 31U.S.C Section S322B and 31 C.F.R. Section 103.S.9.C It
may also apply to persons living in the United States who are not citizens.
If you fail to answer the question truthfully on schedule B
of your Form 1040 which asks if you “have an interest in or a signature or
other authority over a financial account in a foreign country”, then your false
statement might be deemed a criminal offense by the IRS per the sections
mentioned above if other surrounding facts and circumstances apply.
Our office is headed by a former international tax IRS agent
with 37 years experience as a CPA and Associate Professor of accounting. Call
our office immediately so you can avoid the dire circumstances described above
and deal with the other associated problems.
412i, 419 Plans: FBAR/OVDI LANCE WALLACH: FBAR
412i-419 Plans: 412i-419 Plans: FBAR/OVDI LANCE WALLACH: FBAR & IN...: 412i-419 Plans: FBAR/OVDI LANCE WALLACH: FBAR & INT'L Tax Report! : FBAR/OVDI LANCE WALLACH: FBAR & INT'L Tax Report! :
FBAR/OVDI LANCE WALLACH: FBAR & International Tax Alert Report
FBAR/OVDI LANCE WALLACH: FBAR & International Tax Alert Report: The willful failure to file the FBAR report or retain records of your foreign accounts can potentially lead to a ten-year prison sentenc...
Sectoin 79 plans is that they basically force employers and those helping them set up Section 79 plans to lie to the employees when implementing the plan.
Non-discrimination
Section 79 plans are employee benefits plans. As such, employers are not supposed to discriminate in favor of key employees or business owners.
As you know, Section 79 plans are implemented so business owners can take a business deduction for the purchase of an individually owned life insurance policy that the owner can borrow from tax free in retirement.
It sounds great until you break down the math and understand that a client would be better off paying taxes on his/her money, taking it home, and funding a good cash value life policy rather than the low cash accumulation Section 79 Plan policy.
Notwithstanding the math behind Section 79 plans, let's talk about the benefits for employees. The employee owner is going to buy a "permanent" policy that will carry cash and can be borrowed from tax free in retirement.
That same policy must be offered to all employees. If that actually happened in a full-disclosure manner, virtually all the employees would opt for the same permanent policy; and if that happened, the finances of the plan would really go out the window because of the tremendous costs for the employees.
How do you "work around" this issue?
The work around of this issue is a bit clever and deceptive. The employees will be scared into voluntarily opting for $50,000 of term insurance instead of the full-benefit policy (term or permanent).
Why would an employee opt for $50,000 i
Sectoin 79 plans is that they basically force employers and those helping them set up Section 79 plans to lie to the employees when implementing the plan.
Non-discrimination
Section 79 plans are employee benefits plans. As such, employers are not supposed to discriminate in favor of key employees or business owners.
As you know, Section 79 plans are implemented so business owners can take a business deduction for the purchase of an individually owned life insurance policy that the owner can borrow from tax free in retirement.
It sounds great until you break down the math and understand that a client would be better off paying taxes on his/her money, taking it home, and funding a good cash value life policy rather than the low cash accumulation Section 79 Plan policy.
Notwithstanding the math behind Section 79 plans, let's talk about the benefits for employees. The employee owner is going to buy a "permanent" policy that will carry cash and can be borrowed from tax free in retirement.
That same policy must be offered to all employees. If that actually happened in a full-disclosure manner, virtually all the employees would opt for the same permanent policy; and if that happened, the finances of the plan would really go out the window because of the tremendous costs for the employees.
How do you "work around" this issue?
The work around of this issue is a bit clever and deceptive. The employees will be scared into voluntarily opting for $50,000 of term insurance instead of the full-benefit policy (term or permanent).
Why would an employee opt for $50,000 i
IRS Auditing Many 412(i) Plans - Lance Wallach
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 taxpayers 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.
412i-419 Plans: FBAR/OVDI LANCE WALLACH: FBAR Offshore Bank Account
412i-419 Plans: FBAR/OVDI LANCE WALLACH: FBAR Offshore Bank Accoun...: FBAR/OVDI LANCE WALLACH: FBAR Offshore Bank Accounts and Foreign Income Att... : FBAR Offshore Bank Accounts and Foreign Income Attacked
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