Source: http://octaxlawattorney.com/category/irs/fbar/
Timestamp: 2017-06-25 12:07:13
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FBAR Archives - Orange County Tax Law Attorney
Tax Court – FBAR civil penalties aren’t taken into account in $2 million whistleblower threshold
Whistleblower 22716-13W, (2016) 146 TC No. 6 The Tax Court has concluded that penalties for failing to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (Foreign Bank Account Report or FBAR) under 31 U.S.C. sec. 5321(a) are not “additional amounts” for purposes of the $2,000,000 nondiscretionary award threshold under Code Sec. […]
IRS corrects Notice announcing changes to withholding and FATCA regs
Notice 2016 – 08, Timing of Submitting Preexisting Accounts and Periodic Certifications; Reporting of Accounts of Nonparticipating FFIs; Reliance on Electronically Furnished Forms W – 8 and W – 9. To reduce a number of compliance burdens, IRS announced in Notice 2016-8 that it intended to amend several regs with respect to chapters 3 (withholding […]
Washington Alert – PTIN expiration notices sent; GAO faults IRS phone service; Return preparers and EITC warning; FINCEN and insurance companies
IRS announced on Jan. 22 that the Return Preparer Office has started mailing Preparer Tax Identification Number (PTIN) expiration notices to tax preparers who have not renewed their PTIN for 2016. (e-News for Tax Professionals 2016-3) According to the agency, some 150,000 such notices will be sent. The notice informs recipients that their PTIN can […]
Washington Alert – JCT on List of Expiring Federal Tax Provisions; FATCA ‘Feel Good’ Survey; 2015 Filing Season; CBO on Revenue in 2015 – an infographic
The Joint Committee on Taxation (JCT) on Jan. 8 published a document titled “List of Expiring Federal Tax Provisions 2016-2025.” (JCX-1-16) As described by JCT, the document provides a listing of federal tax provisions (other than those providing time-limited transition relief after the repeal of an underlying rule) that are currently scheduled to expire in […]
Updated FATCA FAQs Clarify Branch and Disregarded Entity Registration Requirements
IRS has recently updated its list of frequently asked questions (FAQs) to clarify branch and disregarded entity (DRE) registration requirements under the Foreign Account Tax Compliance Act (FATCA). In general, unless a specific exception applies, a branch must register as a branch of its owner, rather than as a separate entity. IRS also provides instructions […]
Washington Alert – GAO report on IRS Collection; Webinar on Independent Contractors; US and Slovak Republic sign IGA; Tax Policy paper on the Cadillac tax
A recent report by the Government Accountability Office (GAO) focused on IRS’s collection process and found it heavily relies on the use of automation to categorize and route unpaid tax or unfiled tax return cases for potential selection. (GAO-15-647) The agency’s automated Inventory Delivery System (IDS) is used to categorize and route cases based on […]
Another Circuit says IRS can compel production of foreign bank records
Chabot, (CA 3 7/17/2015) 116 AFTR 2d ¶ 2015-5060 The Court of Appeals for the Third Circuit, affirming a district court decision, has held that the “required records” exception to the Fifth Amendment privilege against self-incrimination applies to allow IRS to summon foreign bank account records. This is the same conclusion arrived at by the […]
Reminder: Report Foreign Bank and Financial Accounts by June 30
IR 2015-92 IRS has issued a reminder that the due date for filing 2014 Form 114, Report of Foreign Bank and Financial Accounts (FBAR), is Tuesday, June 30. Background. U.S. citizens and resident aliens are legally required to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most cases, […]
New guidance explains how certain taxpayers can file delinquent FBARs without penalty
IRS has provided procedures for filing a delinquent Report of Foreign Bank and Financial Accounts (FBAR) (FinCEN Form 114, previously Form TD F 90.22.1), without penalty, by taxpayers that use neither the Offshore Voluntary Disclosure Program (OVDP) nor the Streamlined Filing Compliance Procedures. Background. The Bank Secrecy Act (BSA) gave the Treasury Department authority to […]
District Court Explores Proper Review of FBAR Penalty Issues & Largely Rules Against Taxpayer
Moore v. U.S., (DC WA 04/01/2015) 115 AFTR 2d ¶2015-591 A district court has largely dismissed a taxpayer’s challenges to his penalty for failing to file FBARs (Report of Foreign Bank and Financial Account) with respect to his foreign account, finding that he failed to make the required filings, he had no reasonable cause […]
Recent FATCA guidance clarifies Form 8966 filing requirements
IRS has added new frequently asked questions (FAQs) concerning Foreign Account Tax Compliance Act (FATCA) reporting to its website. Specifically, the new FAQs clarify certain aspects of the requirement and deadline for filing Form 8966 (FATCA Report) for certain filers. Click here to view the new FATCA FAQs concerning Form 8966 (FATCA Report). Background on FATCA. The Hiring […]
IRS reminds persons with foreign connections of pending deadlines & other filing requirements
IR 2015-70 In a news release, IRS has provided filing advice for persons who had 2014 connections to foreign countries. For example, it reminded U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2014, that they may have a U.S. tax liability and […]
WASHINGTON — The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2014, that they may have a U.S. tax liability and a filing requirement in 2015. Most People Abroad Need to File A filing requirement generally applies […]
Final Regs Issued On Specified Foreign Financial Asset Reporting
T.D. 9706, 12/11/2014; Reg. § 1.6038D-1, Reg. § 1.6038D-2, Reg. § 1.6038D-3, Reg. § 1.6038D-4, Reg. § 1.6038D-5 , Reg. § 1.6038D-7, Reg. § 1.6038D-8 IRS has issued final regs that provide guidance on the requirement under Code Sec. 6038D that individuals attach a statement to their income tax return that provides information on […]