Tax Law News and Information Straight from The Tax Lawyer

Civil Penalties For Failure to Participate in OVDP

If a taxpayer who is eligible to participate in the Offshore Voluntary Disclosure Program fails to do so, he or she may be open to certain civil penalties if the IRS discovers the taxpayer’s

FBAR Definitions of Foreign Account and Financial Interest

FBAR requires reporting with respect to financial accounts “in a foreign country,” where “foreign country” defined as “all geographic areas located outside of the United States” (1).

W-T-FBAR?

Requirements, Purpose and Definitions For Reporting Foreign Bank and Financial Accounts (FBAR)

FBAR Filing Requirements: Purpose and Definitions

The FBAR filing requirement is imposed upon taxpayers through the U.S. Treasury.

The IRS is Auditing Streamlined FBAR Submissions. What You Must Know.

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Making a Timely Disclosure under Offshore Voluntary Disclosure Program

Under the IRS Offshore Voluntary Disclosure Program, taxpayers have the opportunity of making a voluntary disclosure of all their offshore financial accounts and assets to the IRS.

Special FBAR Reporting Rules for Certain Types of Foreign Accounts

Under FBAR regulations , special rules may apply to specific types of accounts. In particular, the FBAR reporting requirement may apply to U.S.

Audits Involving Offshore Accounts

Offshore bank accounts have long been a path for US citizens to hide income and assets from creditors including the IRS.

Audits Involving Offshore Accounts

On February 5, 2013, Canada and the United States announced that they had signed an intergovernmental agreement (“IGA”) implementing the Foreign Account Tax Compliance Act (“FACTA”), showing additional worldwide support for the United States’ initiative to prevent global tax evasion.

Innocent Spouse Relief: Unchain From The Tax Debt Of Your Ex

Many spouses are surprised to find that they are responsible for the tax debts of their ex, despite never being aware of the original income. However, if you find yourself in this situation you may be able to seek innocent spousal relief and separate yourself from the debt.