Tax Law

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Reporting Specified Financial Assets and Form 8938
Posted on 18 Dec 2012 by Neil Aragones

U.S. taxpayers with assets overseas and their advisers should be mindful of new Form 8938, Statement of Specified Foreign Financial Assets , as they prepare the taxpayers' federal income tax returns for 2011. Temporary Regulations issued in December... Read More

Tags: offshore bank accounts , FBAR , Form 8938 , FATCA , foreign financial accounts , Foreign Financial Assets , Foreign Bank Account Report , IRC Section 6038D , Neil Aragones , Foreign Account Tax Compliance Act , Federal Taxation

What You Should Know About FBAR Penalty Mitigation
Posted on 18 Dec 2012 by Karen Yip

By Karen Yip, LexisNexis Federal & International Tax Analyst The IRS requires the Report of Foreign Bank and Financial Accounts, TD F 90-22.1 (commonly known as the Foreign Bank Account Report, or "FBAR"), when a U.S. person has a financial... Read More

Tags: IRS , FBAR , Foreign Banks and Financial Accounts , foreign financial accounts , statutory penalties , tax penalties , Foreign Bank Account Report , tax crimes , International Taxation , penalty mitigation

  • Blog Post: Reporting Specified Financial Assets and Form 8938

    Neil Aragones
    U.S. taxpayers with assets overseas and their advisers should be mindful of new Form 8938, Statement of Specified Foreign Financial Assets , as they prepare the taxpayers' federal income tax returns for 2011. Temporary Regulations issued in December 2011 state that, with certain exceptions, Form...
    on 18 Dec 2012

  • Blog Post: What You Should Know About FBAR Penalty Mitigation

    Karen Yip
    By Karen Yip, LexisNexis Federal & International Tax Analyst The IRS requires the Report of Foreign Bank and Financial Accounts, TD F 90-22.1 (commonly known as the Foreign Bank Account Report, or "FBAR"), when a U.S. person has a financial interest in, or signature authority over, one...
    on 18 Dec 2012