Reports on foreign bank accounts are due today, June 30. But if this is your first time filing you might have questions and concern that you should address first. FinCen Form 114 (FBAR) is electronically filed with the Department of Treasury. While technically there is no extension to the deadline, […]
Category: Offshore Accounts/International Tax Disputes
Texas, Florida, Nevada and Wyoming are a few of the states that have no state income tax. U.S. territories also have different tax policies. A long-standing agreement between the Virgin Islands and the U.S. allows territory residents to pay their taxes to the Islands. As retirees know when they split […]
A strange story involving a Canadian baby who also has U.S. citizenship, her bank, the Canadian Revenue Agency and the IRS raises legal issues that will be important to other U.S. citizens living in Canada (and in other countries) with (and without) dual citizenship. iPolitics reported in April that a […]
Most people only remember April 15 when thinking about taxes. For those with an aggregate interest of at least $10,000 in foreign accounts, June 30 is another date to remember for one more year. It is the filing deadline for Form 114, Report of Foreign Bank and Financial Accounts […]
For over seven years, U.S. authorities have been cracking down aggressively on unreported offshore accounts. The crackdown has proceeded on multiple levels, across continents, with surprisingly effective results. A key moment came in 2009, when the Swiss banking giant UBS agreed to pay $780 million to resolve allegations by the […]
Two years ago, former billionaire Sam Wyly lost a fraud trial in New York that exposed a web of offshore entities that were used to shelter millions of dollars. After the 2014 verdict, the IRS entered the fray seeking $1.4 billion in back taxes. Penalties and interest accounted for 80 […]
Have you recently moved from China or India to the United States for a new career opportunity? Are you an American living abroad? You need to report all foreign bank accounts, if at any point in the 2015 the aggregate value of your accounts exceeded $10,000. Failing to report overseas […]
The global media has about exhausted the number of angles they can report on the so-called “Panama Papers.” The leak has become synonymous with using offshore accounts and companies to avoid tax obligations. Offshore accounts have been in and out of the news. The prosecution of Swiss bank giant UBS […]
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. Whistleblowers are another. Since 1867, the Treasury Secretary has […]
April 15 has become synonymous with tax day in the United States. This year is a little different, because the Internal Revenue Service is celebrating Emancipation Day. Public employees in Washington D.C. get the day off or the closest day when the April 16th holiday falls on a weekend. As […]