Tag Archives: FBAR

FBAR Deadline Is Now

Posted on June 24, 2013 by Russ

Almost every tax form uses a postmark deadline. For example, if you mail your tax return on April 15th (using certified mail, return receipt requested, of course), and the post office sends your return to Fresno via Fargo so it … Continue reading →

Posted in IRS | Tagged | 1 Comment

Kudos to Kenneth Ryskamp

Posted on April 27, 2013 by Russ

Who is Kenneth Ryskamp? He’s a Senior Judge in the United States District Court for the Southern District of Florida. Judge Ryskamp was born in 1932, and has been a US District Court Judge since 1986 (and a Senior Judge … Continue reading →

Posted in IRS | Tagged , | Comments Off on Kudos to Kenneth Ryskamp

When the IRS Changes the Rules Midstream in a Legal Matter…

Posted on March 7, 2013 by Russ

Janet Novack has an interesting post in Forbes. It revolves around the Offshore Voluntary Disclosure Program. The idea behind the OVDP is that a taxpayer who the IRS doesn’t know about who has (for example) secreted away funds in a … Continue reading →

Posted in IRS | Tagged , | 1 Comment

Mailbag

Posted on February 24, 2013 by Russ

We get mail: I moved to California in 2012, and earned just $5,000 while in California versus a lot of money outside of the state. Yet those robbers want me to pay based on my overall income. This can’t be … Continue reading →

Posted in California, Gambling | Tagged , | Comments Off on Mailbag

eFile an FBAR? Use Internet Explorer, Not Firefox or Chrome

Posted on June 28, 2012 by Russ

Some of my clients have had problems efiling the FBAR on the BSA system. The FINCEN support group have confirmed that the system works only using Internet Explorer. So if you need to file an FBAR, use Internet Explorer, not … Continue reading →

Posted in International | Tagged | 1 Comment

IRS Announces New Procedure on RRSPs; Jaywalkers Apparently No Longer Subject to Firing Squad

Posted on June 27, 2012 by Russ

The IRS announced yesterday a new procedure to deal with “low compliance risk” taxpayers who have innocently not filed FBARs or tax returns noting their RRSPs (a Canadian retirement account similar to a 401(k) or IRA). While the full details … Continue reading →

Posted in Canada, International | Tagged , | Comments Off on IRS Announces New Procedure on RRSPs; Jaywalkers Apparently No Longer Subject to Firing Squad

FBAR Due Next Saturday, June 30th

Posted on June 24, 2012 by Russ

Anyone with $10,000 in one or more foreign financial accounts (determined by taking the maximum balance of each account at any time during the year, summing the maximums, and comparing the sum to $10,000) must file Form TD F 90-22.1 … Continue reading →

Posted in International, IRS | Tagged | Comments Off on FBAR Due Next Saturday, June 30th

New FBAR Requirement that Applies to Everyone

Posted on February 3, 2012 by Russ

I’ll be transmitting my first few tax returns to the IRS this coming week. As I looked at Schedule B, I noticed a change in the questions at the bottom of Schedule B: 7a At any time during 2011, did … Continue reading →

Posted in IRS | Tagged | 4 Comments

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

Posted on September 30, 2011 by Russ

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 →

Posted in International, IRS | Tagged , | 2 Comments

Canada Fights Back

Posted on September 19, 2011 by Russ

Jim Flaherty is the Finance Minister in Canada. Mr. Flaherty (along with many Canadians) is not happy about FATCA and FBAR. FATCA will impose requirements on Canadian banks (and other financial institutions throughout the world) to report transactions to the … Continue reading →

Posted in IRS | Tagged , | Comments Off on Canada Fights Back