NY Art Consultant Indicted for Filing False Tax Returns and Failing to File FBARs

- By : P. Patel

Last week, on July 28, 2016, the United States Department of Justice announced an indictment against Lacy Doyle for obstructing the administration of tax laws and filing false foreign bank account report (FBARs). Doyle was arrested in New York. In 2003, Ms. Doyle’s father died and left an inheritance of over $4 million to Doyle.

New FBAR Deadlines and Penalty Relief available

- By : P. Patel

The US Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the Act) has changed the filing date for the Report of Foreign Bank and Financial Accounts (FBAR), electronically filed with the Financial Crimes Enforcement Center (FinCEN) on Form 114, effective for reports for calendar year 2016 accounts due in 2017. The Act

Delinquent FinCen Form 114 (FBAR) Filings

- By : admin

Time is of the essence when dealing with a delinquent FinCen Form 114 (FBAR). A taxpayer who has not been already contacted by the government should immediately take steps to cure the noncompliance because the IRS has increased enforcement of the reporting of foreign (non-U.S.) financial accounts and their related incomes. Recent media articles surrounding penalty

New FBAR Deadline applies to 2016 Tax Year Onwards

- By : P. Patel

On July 31, 2015, President Obama signed into law P.L. 114-41, which included a number of tax provisions, one of which changes the deadline for filing the Report of Foreign Bank and Financial Accounts (FinCEN Form 114) (the FBAR) for 2016 and future years. The FBAR must be filed by a U.S. person (i.e., an individual

IRS delinquent FBAR submission procedure

- By : P. Patel

Last spring, the IRS revised its program for delinquent FBAR returns. The IRS offers a new “delinquent FBAR submission procedure”.  See below excerpt from the IRS website.The program is available if you properly reported on your U.S. tax returns, and paid all tax on, the income from the foreign financial accounts reported on the delinquent

Top FBAR Reporting Error

- By : P. Patel

The most common FBAR reporting mistake is simply failing to file. Some U.S. persons continue to deliberately conceal assets in secret offshore bank accounts in the hope of evading U.S. tax authorities. In many other cases, however, Americans living and working outside the U.S., recent immigrants, foreign citizens who are resident in the U.S., and

Correcting Common FBAR Errors

- By : P. Patel

The IRS offers four options to fix FBAR mistakes. Participation in the two formal disclosure programs is permitted only if the funds held in the foreign financial account(s) are from a legal source (and not the proceeds of an illegal activity) and if the IRS is not already in a position to know of the

New FBAR FIling Deadline Law Signed

- By : P. Patel

The president signed into law today legislation that modifies the due dates for several common tax returns.  These new due dates are generally ones that tax professionals have been advocating for several years to create a more logical flow of information and help taxpayers and tax professionals in filing timely and accurate tax returns. The

Top 4 Exceptions to FBAR Filing Requirement

- By : P. Patel

FBARs are due this week (again).  Below are the top 4 exceptions we often see for the FBAR filing requirement.  Certain Accounts Jointly Owned by Spouses – the spouse of an individual who files an FBAR is not required to file a separate FBAR if (1) all the financial accounts that the non-filing spouse is

Beware: IRS Reminds Taxpayers of FBAR Deadline

- By : P. Patel

Last week, the Internal Revenue Service reminded all taxpayers with a filing requirement for a foreign bank account report to report their foreign assets by the June 30 deadline.  The IRS has been targeting FBAR compliance over the last several years and has prosecuted numerous non-compliant taxpayers. FBAR filings have risen dramatically in recent years