FBAR

Sunday December 07 Posted by ZM Ishmurzina.

Ultimate Guide to FBAR FinCEN Form 114

American expats and US persons must be aware that effective October 1, 2013 BSA FinCEN Form 114 must be filed with the Department of Treasury via its BSA E-filing System. FBAR Form 114 is an informational return only and there is no expat tax due with this form. FinCEN Form...

Thursday December 04 Posted by ZM Ishmurzina.

What do FBAR Form 114 and FATCA have in common?

The IRS and Department of Treasury have undertaken multiple steps lately to enforce the FATCA compliance among the US citizens and green card holders. Most US expats are aware of the FBAR form 114 (Report of Foreign Bank and Financial Accounts). However, the FATCA (Foreign Accounts Tax Compliance Act) that...

Sunday February 02 Posted by ZM Ishmurzina.

Swiss Banks and Disclosure Program of US accounts?

American expats living abroad with undisclosed foreign financial accounts must be aware that the IRS has been using a wide range of sources to find noncompliant US taxpayers. Many American expatriates read about the FBAR and FATCA. Earlier we wrote an article about Foreign Account Bank Reporting and Foreign Account...

Tuesday March 12 Posted by ZM Ishmurzina.

FBAR Penalties and Jail Sentence

American expatriates living abroad with undeclared offshore accounts should think twice. US citizens and green card holders who failed to timely file the FBARs face not only the substantial penalties but also a jail time. American expatriates should read What is FBAR to learn about the Report of Foreign Bank...

Monday November 12 Posted by ZM Ishmurzina.

Overseas Taxes Series: How can the IRS prove the willful FBARs violation

What is FBAR? How can the IRS prove the willful FBARs violation? On November 8 a federal district court held that the government could proceed to collect the FBARs penalties from Jon McBride. This is the second FBARs case for year 2012. Let’s review the case to understand how the...