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Posts tagged "FBAR"

What triggers a prison sentence in offshore prosecutions?

Willfulness is usually required to support criminal charges. Assigning signature authority to someone else to conceal account ownership could show willful conduct. Filing a document, such as a Foreign Bank and Financial Accounts/FinCEN Report 114 (FBAR) with false information is another.

How does the IRS find undisclosed foreign accounts?

One way is prosecuting banks that have allegedly helped taxpayers avoid their U.S. tax liabilities. For instance, the Swiss Bank Program required banks to pay hefty fines and disclose information on accounts held by U.S. persons as part of non-prosecution agreements.

Banking prosecutions expand to Cayman Islands

For the past decade U.S. government investigators have been ferreting out hidden financial accounts across the world. Much has been written about Department of Justice agreements with Swiss banks starting with UBS. Last year, the agency finalized the last of the non-prosecution agreements under the Swiss Bank Program that involved almost 80 banks.

How does the foreign tax credit work?

A lot has been written about the Report of Foreign Bank and Financial Accounts (FBAR) disclosure requirements. The Internal Revenue Service has placed a lot of emphasis on offshore tax compliance. As more people realize they need to report foreign financial accounts, the number of these FBARs filed last year reached 1,163,229.

Can you report a foreign bank account using Turbo Tax?

Going through the prompts on Turbo Tax is straightforward until you reach the question about whether you have a foreign bank account. If you answer yes, you need to understand that the failure to disclose could open you to serious civil penalties.

Foreign Account Holder Successfully Asserts Fifth Amendment on Schedule B

The Fifth Amendment protects an individual from being forced to incriminate himself or herself, often referred to as "pleading the fifth." In the past, some have unsuccessfully attempted to assert the Fifth Amendment as a reason to avoid filing tax returns, or to file tax returns that don't report any income. These arguments, usually asserted by tax protesters, are generally considered frivolous by the IRS and federal courts.

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