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The Law Offices of Mark Levinson ESQ
FBAR International Taxes
The FBAR Deadline is here. Filing deadline for the IRS’s offshore tax amnesty (called the Offshore Voluntary Disclosure Initiative). If you don’t properly comply you will
For those with current offshore accounts, the deadline to file the annual Report of Foreign Bank and Financial Account (“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
Many foreigners living in the U.S. and multiple nations 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. Best to use an
ex-IRS agent who had years of experience with the IRS in the international division of the IRS. You’ll probably need additional advice to what is 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?
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. Contact him at
516.938.5007, firstname.lastname@example.org 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
IRS Announced the Reopening of its Offshore Voluntary Disclosure Program
On January 9, 2012, the IRS announced the reopening of its offshore voluntary disclosure program (now in its third iteration) to assist people who have been hiding
offshore accounts in becoming compliant with their tax liabilities.
We suggest filing for tax amnesty and then opt out. In that way you can fight the fines in appeals. In our opinion that is the best way to reduce your penalties. We also
suggest that you use an ex IRS agent that was in the international or appeals division of the IRS. He should also be a CPA with years of experience.
If you do not opt out correctly you will have lots of problems.
Do not let your accountant learn on the job. The result is usually not good for you. If he knew what he was doing, you would not have this problem to begin with.
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