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Tag Archives: FBAR
More Gambling Questions from the Mailbag
A few interesting questions have come in recently on gambling and taxes: Question. I think it’s ridiculous that you have to file an FBAR on an online gambling account. These aren’t bank accounts and I don’t think the government can … Continue reading →
More on FBAR
The Foreign Bank and Financial Account Reporting (FBAR) has been making the news. Today’s Wall Street Journal has an article detailing some of the issues with the filing requirements. Additionally, the New York State Bar Association isn’t happy with the … Continue reading →
Foreign Financial Account Reporting Due
If you have a foreign financial account, or have signature authority over such an account, you must file Form TD F 90-22.1. That form is due on June 30th. Unlike every other IRS deadline, this one is a receipt deadline. … Continue reading →
IRS Looking at Millionaires
As I tell my clients the IRS is a collection agency. Generally, they look to collect money where there’s money to be found. Clearly, that’s individuals who make a lot of money. Douglas Shulman, the IRS Commissioner, told a House … Continue reading →
Foreign Account Amnesty
Given my practice area, I’m very familiar with Form TD F 90-22.1. That’s the form you use for reporting foreign financial and bank accounts to the Treasury and the IRS. There are severe penalties if you don’t file this form … Continue reading →
Weekend Mailbag
Three questions of interest this weekend. The first deals with moving to Nevada, the second with the requirement to report foreign financial accounts, and the third deals with deducting clothing. First, a reader asks: I want to move to Nevada. … Continue reading →
Online Casinos Are Foreign Financial Institutions
Casinos in the United States fall under the same currency requirements as banks and other financial institutions. Congress and the IRS recognized that money laundering and other currency shenanigans could occur at a casino. I’ve always felt that one day … Continue reading →
ePassporte Is a Foreign Bank Account
I’ve been asked by some of my gambling clients about ePassporte, an e-wallet that’s now in widespread use. The question that has arisen is whether ePassporte is a foreign bank account like Neteller was. It’s hard to figure this out … Continue reading →
FBARs
Several months ago, I participated in a phone form on the FBAR program (Foreign Bank Account Rreporting); generally, if you have a foreign bank account with $10,000 or more in it you must file Form TD F90-22.1 with the Department … Continue reading →
FBAR, SARs, and CTRs
This morning I sat in on an IRS teleconference about Foreign Bank Account Reporting (FBAR), and the Treasury Department’s Form TD F 90-22.1. Last week, during my annual CSEA SuperSeminar continuing education program, this was also discussed. As I’ve mentioned … Continue reading →