Category Archives: Offshore Bank Accounts

If you have foreign assets and/or accounts, you need to be aware of reporting requirements under the Foreign Account Tax Compliance Act (FATCA).

Looking to take advantage of the Foreign Earned Income Exclusion? Learn more about how this exclusion can benefit those earning income abroad!

The deadline to file your FBAR is rapidly approaching. Here’s how to make sure you file FinCEN form 114 and properly disclose foreign assets and earnings.

The IRS is ending its Offshore Voluntary Disclosure Program (OVDP), which means that the last chance to take advantage of this hugely beneficial amnesty program is rapidly approaching.

If you hold foreign assets or earn money overseas, it’s critical that you are aware of your FBAR obligations. Learn more about how to protect yourself in the event of an FBAR audit.

In an increasingly connected economy, it’s important that private citizens and business owners tread carefully with tax implications both at home and abroad.

If you have tax issues stemming from underpayment or non-disclosure of foreign assets, you may have heard of the “OVDP” — the IRS’ Offshore Voluntary Disclosure Program. It’s a program the IRS offers taxpayers who are exposed to potential criminal liability and/or substantial civil penalties, due to mishandling of tax payments due on their foreign […]

There is a new deadline for FBAR filing: taxpayers will have to submit their FinCEN 114 forms on April 15, with a 6-month extension available.

To avoid penalties, a U.S. person with offshore assets will have to disclose those assets and the related income to the IRS, as well as pay taxes on foreign income.

The 5% penalty Streamlined Filing Procedures for undisclosed foreign bank accounts and assets was modified and is now available for domestic taxpayers with foreign accounts. It’s available only to taxpayers who’s failure to file an FBAR was due to non-willful conduct. For willful conduct, a taxpayer would be better advised to join the OVDP whichThe […]