Search Results for: 8938
IRS Offshore Voluntary Disclosure Programs Continue to Burden “Benign Actors” and Damage IRS Credibility
…8938 and the FBAR. Finally, in FY 2012 and FY 2013 YTD, TAS assisted 474 taxpayers with OVD-related problems and issued four taxpayer assistance orders (TAOs). In the three cases…
National Taxpayer Advocate Identifies OVDP Program as a Serious Problem
…the unreported account balance. In addition, the IRS will soon require duplicative reporting on both an FBAR and Form 8938, Statement of Specified Foreign Financial Assets. The IRS recently identified…
Streamlined Procedures for U.S. Taxpayers Residing In the United States
…8938 for that year; and the asset was properly reported for that year, but gross income in respect of the asset was not reported in that year. It appears that…
The Misunderstood Extension of time to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)
…not be extended unless the taxpayer files an extension request with respect to the underlying tax return. This includes IRS Form 8938 (Statement of Specified Foreign Financial Assets), IRS Form…
IRS Issues Reminders for FBARs and other International Requirements
…return Form 8938, Statement of Foreign Financial Assets. Generally, U.S. citizens, resident aliens and certain nonresident aliens must report specified foreign financial assets on this form if the aggregate value…
IRS Reminds (again) Taxpayers to Report Foreign Income and Assets
…to their tax return. Certain taxpayers may also have to fill out and attach to their return Form 8938, Statement of Foreign Financial Assets. Part III of Schedule B asks…
New IRS internal procedure guidance for Streamline Filing Compliance Procedures
…(Forms 3520, 3520-A, 5471, 5472, 8938, 926, or 8621) by e-mailing the CIS ID number to “*LB&I OVDP Compliance” with an explanation that the case is being forwarded due to…
Solution: Streamlined Domestic Offshore Procedures
…returns (e.g., Forms 3520, 3520-A, 5471, 5472, 8938, 926, and 8621) for the foreign financial asset; and (4) these failures resulted from non-willful conduct. To be eligible for the streamlined…
National Taxpayer Advocate calls IRS Penalties Draconian and Inefficient
…imposed with respect to low-balance accounts; and 4) amend IRC § 6038D and 31 U.S.C. § 5314 to eliminate duplicative reporting of assets on Form 8938 where a foreign financial…
IRS announces an update to its Voluntary Disclosure Practice Preclearance Request and Application
…for federal income tax purposes, received previously untaxed funds, or was required to be reported on an information return or report (e.g., Form 8938 or FBAR) and was not reported….
IRS Reduces Administrative Burden (for the first time) of Filing Some Forms 3520 and/or Forms 3520-A
…relief does not affect the Form 8938 filing requirement or any reporting obligations under any other provision of U.S. law, including the requirement to file FinCEN Form 114, Report of…
Beware: India to sign FATCA agreement with US for sharing of information
Earlier this week, the Indian Cabinet, chaired by Prime Minister Narendra Modi, approved signing of an Inter-Governmental Agreement (IGA) between India and the U.S. for implementation of the U.S. Foreign…
A solution in a tough tax season: the IRS Streamlined Offshore Procedures
…returns (e.g., Forms 3520, 3520-A, 5471, 5472, 8938, 926, and 8621) for the foreign financial asset; and (4) these failures resulted from non-willful conduct. To be eligible for the streamlined…
IRS Revises Delinquent International Information Return Submission Procedure (DIIRSP)
…8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships • Form 8938, Statement of Specified Foreign Financial Assets The revisions to the DIIRSP program are as follows (compared…
New Post-OVDP IRS Voluntary Disclosure Procedures Announced
…important. Generally, no other penalties for the failure to file information returns (i.e., Form 5471 penalty, Form 8938 penalty, etc.) will not be automatically imposed. However, non-cooperative taxpayers can have…
Specific Steps for Applying to the IRS Streamlined Foreign Offshore Procedures
…5471, and 8938. In addition, the applicant must file any delinquent FBAR forms for the past six years for which the FBAR filing requirement has passed. In order to ensure…
IRS Announces New Clarifying FAQs for Streamlined Offshore Compliance Program
…either FBAR or Form 8938, not rental real estate. In FAQ #4, the IRS made clear that the 5% penalty applies to a foreign business with assets including financial accounts….
New Law’s Reporting Requirements Make It Very Likely That the IRS Will Now Know About Your Foreign Account
…expected that most foreign institutions will ultimately comply with these account disclosure requirements. Note also that FATCA imposes additional disclosure requirements (via a new Form 8938) on U.S. individuals with…
Method to Cure Delinquent or Incomplete Foreign Information Returns Without Penalties
…to Certain Foreign Partnerships • Form 8938, Statement of Specified Foreign Financial Assets In summary, these two FAQs present an excellent opportunity for taxpayers who properly reported all their taxable…
New IRS IRM with Updated Streamlined Filing Compliance procedures
…date) has passed together with any required information returns (e.g., Forms 3520, 3520-A, 5471, 5472, 8938, 926, and 8621) even if these information returns would normally not be submitted had…
IRS Reminds U.S. citizens and dual citizens about U.S. filing requirements
…required starting in 2012. Notice 2011-55, issued last summer, suspended the requirement until a final version of Form 8938 is released. The IRS has said it intends to release the…
Analysis of the new 2012 Offshore Voluntary Disclosure Program (OVDP)
…Account Tax Compliance Act (FATCA) and Foreign Financial Asset Reporting (Form 8938 and new IRC § 6038D) become effective. It is likely that the U.S. government will require foreign financial…
Internal Revenue Service announces new International Data Exchange Service: The Beginning of Information Sharing
…is secret. US persons must report worldwide income and many must file IRS Form 8938 to report foreign accounts and assets. With such comprehensive databases, noncompliant taxpayers should beware; the…
Protective Filing of Information Returns
…30, with no extension possible. A U.S. person with an ownership interest in foreign accounts may also need to file a Form 8938. This form, also known as the Fatca…
New FBAR Deadlines and Penalty Relief available
…8938, Statement of Specified Foreign Financial Assets. For years prior to the application of the changes made by the Act, FBARs are due to FinCEN on or before June 30…
Beware IRS Letter 6291
…the foreign financial accounts on form 8938 statement of specified foreign financial assets you held with [Bank Name].” This letter is an IRS “soft letter” (i.e., a warning letter) to…
FBAR Deadline Automatic Extension
…account disclosures that must now be made on a taxpayer’s annual income U.S. income tax return (e.g. Form 1040, Schedule B; and Form 8938 -“FATCA” disclosure). Beginning for the 2016…
Should I close my foreign account?
…have a foreign bank account? Should you report all of the income from your foreign accounts or assets? Should you file Form 8938? Should you file a Report of Foreign…
Details of the Delinquent International Information Return Submission Procedures (DIIRSP)
…• Form 8858, Information Return of U.S. Persons With Respect to Foreign Disregarded Entities • Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships • Form 8938,…
Rare confluence of tax law and immigration law
…applicant must affirmatively state that he or she does not owe any taxes and has filed all required returns, including FBARs, and other international forms such Forms 8938, 3520, 8621,…