You may think you know what a taxpayer with foreign assets looks like. It’s easy to paint a picture of the super-rich jetting off to
Read MoreTag: Report of Foreign Bank and Financial Accounts
FBAR, FATCA Filings Top 1 Million
More than 1 million Report of Foreign Bank and Financial Accounts (more commonly, FBARs) were filed in 2015, a record high. Under the Banking Secrecy Act (BSA) and Foreign Account Tax Compliance Act (FATCA), US taxpayers with foreign accounts are under more scrutiny than ever.
Read MoreSummer Tax Deadlines Approaching
I can already tell it’s summer not just by the long lines at the airport and the blazing heat but by the number of vacation
Read MoreFBAR Deadline Looming
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:
Read MoreTaxes From A To Z: F Is For FBAR
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
Read MoreTax Trivia: FBAR
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
Read MoreOffshore Voluntary Compliance Program Deadline Extended
The Internal Revenue Service (IRS) has announced an extension of the deadline for its Offshore Voluntary Compliance Program. The deadline, which was initially September 23,
Read MoreAsk The taxgirl: FBAR & Power Of Attorney
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)
Read MoreFix The Tax Code Friday: Foreign Accounts
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,
Read MoreAsk The Taxgirl: Foreign Accounts & FBARs
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
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