Category Archives: International

FATCA Regulations Issued

Earlier this week the IRS issued proposed regulations to implement the Foreign Account Tax Compliance Act (FATCA). The press release from the Department of the Treasury states, After many months of intensive discussions with foreign governments, the Treasury Department today … Continue reading

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Draft Instructions Released for Son of FBAR; Gambling Accounts Will Not be Reportable

The draft instructions for the new Son of FBAR (Form 8938) were released today. (Here is a link to my discussion of the form itself.) Here are some highlights from a first skimming of the instructions: For unmarried taxpayers living … Continue reading

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IRS Extends Offshore Voluntary Disclosure Deadline

The IRS announced an extension of the deadline for participating in the 2011 Offshore Voluntary Disclosure Initiative due to potential issues from Hurricane Irene: Due to the potential impact of Hurricane Irene, the IRS has extended the due date for … Continue reading

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Revenue Canada Says “Just Say No” to the IRS

Last Sunday I linked to two well-written articles by Don Cayo of the Vancouver Sun. One question that has interested individuals residing in Canada who are impacted by FBAR (Form TD F 90-22.1) is whether the Canadian tax authorities would … Continue reading

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Catching Minnows Instead of Whales

I like Joe Kristan’s terminology for the IRS’ efforts going after anyone who hasn’t filed an FBAR…even if they don’t really owe any additional tax: Using a shotgun to get jaywalkers. Of course, that’s all part of the kindler, gentler … Continue reading

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While I Was Out…

…Nothing much happened, right? (I’m ignoring that AAA/AA+ thing, of course.) The IRS announced that Form 8939 for estates for 2010 will be due on November 15th. However, the form has yet to be released. Joe Kristan noted that the … Continue reading

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Foreign Money Service Businesses May Need to Register with FINCEN

Consider a foreign company that takes in, via wire transfers or other bank transfers, money from Americans. This company is located in, say, Costa Rica. Under new regulations published this week in the Federal Register, that company must register with … Continue reading

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