Tag Archives: FBAR
Wire Transfer Audits and FATCA: What Every Taxpayer Needs to Know
February 19, 2018Wire Transfer Audits and FATCA
What Every Taxpayer Needs to Know
by Attorney Morris N. Robinson, CPA, LLM
February 19, 2018
1. FATCA
FATCA: The Foreign Account Tax Compliance Act[1] was signed into law by President Obama on March 18, 2010. There ...
Written by:
Morris Robinson
Categories Bank Secrecy Act, FATCA, FBAR, International Information Returns, IRS, IRS Audits, IRS Tax Relief, OVDP, Streamlined Offshore Procedures, Tax Planning
Tags: AML, Bank Secrecy Act of 1970, BSA, BSA e-filing, CTR, Deny Passport, FATCA, FBAR, FFI, FinCEN, FinCen 114, FinCEN Form 114, foreign wire transfer accounts, foreign-source income, Form 3520, Form 5471, form 8858, Form 8938, form 926, IGA, open statute of limitations, recalcitrant, report of foreign bank and financial accounts, SAR, Streamlined Certification, Streamlined Procedures, suspicious activity report, unreported foreign financialFBAR Penalties Now Adjusted for Inflation: Abatement/Mitigation Still Possible
June 22, 2017
If you haven’t filed your Report of Foreign Bank and Financial Accounts (FBARs) on a timely basis, you could be at risk of a higher civil penalty assessment. Inflation-adjusted FBAR penalties are now in effect.
New FBAR Civil Penalties Framework
The statutory civil penalties most people are familiar with, and as reflected ...

Written by:
Morris Robinson
Categories Bank Secrecy Act, Expatriate Taxation, FATCA, FBAR, International Tax, IRS, IRS Audits, OVDP, Streamlined Offshore Procedures, Tax Planning
Tags: domicile audit, FATCA, FBAR, OVDP, Voluntary DisclosureDelinquent International Information Tax Returns May Extend the Statute of Limitations on Your Entire Federal Tax Return
June 2, 2015More and more, U.S. taxpayers are becoming aware of their federal tax reporting obligation for foreign financial accounts, interests and assets. With increased IRS enforcement, broader media coverage of international tax evasion cases, and the implementation of FATCA reporting[1] by foreign financial institutions, the term “FBAR”
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Written by:
Morris Robinson
Categories Expatriate Taxation, FATCA, FBAR, International Information Returns, International Tax, IRS, Tax Planning
Tags: Delinquent International Information Returns, entire tax return remains open, failure to timely file, FBAR, Form 1040, Form 1041, Form 3520, Form 5471, Form 706, Form 8621, Form 8938, HIRE Act, international information returns, open period of limitations, period of limitations, POSTN-120589-14, reasonable cause, Section 6501(c)(8), SOL, statute of limitations