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Tag Archives: FBAR
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 →
Posted in Canada, International
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Tagged FBAR
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Comments Off on Revenue Canada Says “Just Say No” to the IRS
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 →
Electronic Filing Now Available for FBAR
The Financial Crimes Enforcement Network (FINCEN) announced this week that you can now file an FBAR (Form TD F 90-22.1) electronically. Electronic filing of an FBAR is different than electronic filing for a tax return. You must complete an application, … Continue reading →
Myriad of Foreign Accounts Claim Two Victims
The Department of Justice press release reads like a Who’s Who of foreign tax havens. Sean and Nadia Roberts of Tehachapi, California (near Bakersfield) run the National Test Pilot School in Mojave. They’ve also pleaded guilty to one count of … Continue reading →
Son of FBAR Now Looks Uglier for 2012
The IRS posted a revised draft of Form 8938, the “Son of FBAR.” I’d normally note the highlights; however, in this case let’s look at the lowlights: First, the form is far more extensive than the original draft. Let’s assume … Continue reading →
FBAR Delayed for Some Corporate Signers
I, along with other tax professionals, liken the FBAR to going after jaywalkers with shotguns. Well, a few fewer jaywalkers need worry about the FBAR for this year. The IRS announced today that individuals in two categories will not need … Continue reading →
FBARs No Longer Required for Poker Accounts
The Financial Crimes Enforcement Network (FINCEN) published revised regulations for the Report of Foreign Bank and Financial Accounts (FBAR) in the Federal Register today. Poker accounts were reportable because they were pooled accounts with the money held in one central … Continue reading →
IRSAC Issues 2010 Recommendations; Will Sanity In FBARs Advance?
The Internal Revenue Service Advisory Council (IRSAC) issued their 2010 report. The report includes 23 recommendations to the IRS (and Congress, I suppose). The entire report is worth perusing. I’m going to focus on just one item of the 23 … Continue reading →
Son of FBAR
Coming in 2010 is Form 8938, Statement of Foreign Financial Assets. The draft of the form, which the IRS is soliciting public comment on, is now available. It may remind you of Form TD F 90-22.1 (FBAR). Phil Hodgen (who … Continue reading →
You Can Possibly Help Eliminate the Draconian FBAR Penalties
Phil Hodgen, a tax attorney in Pasadena, has been approached by a reporter who is working on a story dealing with the draconian nature of FBAR penalties. From Phil’s post: A certain large American publication is working on a story … Continue reading →