Posts tagged as:

Report of Foreign Bank and Financial Accounts

FBAR Deadline Looming

21 June 2011

Donna (not her real name, of course) has been breaking the law for years. The funny thing is she doesn’t look like your stereotypical criminal: she’s well dressed, well spoken and well travelled. She hasn’t physically harmed anyone. She hasn’t stolen anything. I’m not sure she has so much as a traffic violation. Her crime? [...]

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Taxes from A to Z: F is for FBAR

8 March 2011

In 1970, Congress passed the Bank Secrecy Act which was pretty much the first law on the books in the US to require banks and other financial institutions to reveal personal financial information to the government. Yep, this was long before the Patriot Act, and was originally meant to assist law enforcement agencies in the [...]

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Tax Trivia: FBAR

26 January 2010

Update: We have a winner! It’s Chad! For the answer, see the comments! Our next tax trivia question for the giveaway is: This year, thanks to UBS, the Bank Secrecy Act has gotten a lot of press. Under the Act, each US person must file a Report of Foreign Bank and Financial Accounts (FBAR) if [...]

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Offshore Voluntary Compliance Program Deadline Extended

21 September 2009

The Internal Revenue Service has announced an extension of the deadline for its Offshore Voluntary Compliance Program. The deadline, which was initially September 23, 2009, has been pushed out until October 15, 2009. While more than 3,000 have come forward so far, the program is expected to garner considerably more taxpayers before the deadline. With [...]

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Ask the taxgirl: FBAR and Power of Attorney

25 August 2009

Taxpayer asks: I was just reading about the rules for FBAR, and noticed that the IRS says that people who have Power of Attorney (POA) for elderly relatives with foreign bank accounts must submit FBAR reports if those accounts total over $10,000 at any point during the year. As it happens, I have a POA [...]

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Fix the Tax Code Friday: Foreign Accounts

21 August 2009

The IRS crackdown on foreign accounts has been generating a lot of discussion in the blogosphere. Some folks argue that it’s a waste of resources, others argue that it’s been a long time coming. Today’s Fix the Tax Code Friday question is: Is the targeting of offshore accounts a fair use of IRS resources? Or [...]

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Ask the taxgirl: Foreign Accounts and FBAR

21 August 2009

Taxpayer asks: Hi Kelly, With all the publicity about UBS and foreign bank accounts, I have some concerns that a lot of parents may be sharing… I know you’re a mom too (though your kids are too young for you to have to worry about this right now!) But, if you were in my shoes, [...]

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