14,700 Offshore Tax Evaders Settle with IRS
on Nov 18, 2009 in IRS tax evasion unreported income voluntary disclosure Previous estimates by the IRS project in excess of 700,000 unreported Foreign Bank Accounts (held by U.S. Taxpayers). Under the 2009 voluntary disclosure “last chance” compliance initiative 14,700 U.S Taxpayers came forward (approximately...

FBAR: Filing Requirements for Gold or other Non-Cash Assets
on Nov 5, 2009 in FBAR gold Under IRS (6/29/09) FAQs regarding Report of Foreign Bank and Financial Accounts (FBAR), the IRS confirmed: 1. An FBAR must be filed whether or not the foreign account generates any income;   2. An FBAR is required for account maintained with financ...

FBAR Filing: Domestic Corporations with Foreign Accounts
on Nov 4, 2009 in FBAR foreign account IRS In the IRS Workbook on the Report of Foreign Bank and Financial Accounts, the IRS advised that a domestic (e.g., NY) corporation that has foreign accounts:   1. The corporation must file a FBAR for the corporations’ accounts.   2. A majority...

FBAR Filings: Non-Resident Aliens
on Nov 3, 2009 in FBAR non-resident aliens Non-resident aliens file Form 1040 NR to report U.S. taxable income.  Form 1040 NR does not require a Schedule B (to report foreign accounts by completing boxes 7(a) and 7(b) on Form 1040 Schedule B). If the person filing Form 1040 NR has foreign ac...

FBAR Filing: Tax Practitioners and Professional Responsibility
on Oct 28, 2009 in FBAR tax preparer TD F 90-22.1 U.S. Taxpayers, who fail to file FBAR’s to disclose foreign bank accounts, may seek a reasonable cause exception based on their “tax preparer’s” failure to file the FBAR.   Tax Practitioners (Attorneys, CPA’s) must comp...

FBAR Filings: Financial Accounts (U.S. Hedge Funds)
on Oct 27, 2009 in FBAR hedge fund In the IRS 6/29/09 FAQ’s regarding FBAR filings, the IRS advised: 1. If a hedge fund is located in the U.S., with foreign operations, a financial interest in the U.S. hedge fund is not an interest in a foreign financial account for FBAR reporting...

Jerseyan admits tax fraud charges in probe tied to UBS
on Oct 23, 2009 in UBS IRS tax evasion By Ted Sherman, Star-Ledger Staff,  NJ.com  (9/26/09) A wealthy New Jersey international trader pleaded guilty yesterday to federal tax fraud charges in the wake of a growing criminal investigation tied to UBS AG, the world’s largest private...

IRS Chief Pleased With Offshore Amnesty Haul
on Oct 16, 2009 in IRS voluntary disclosure Doug Shulman by Leroy Baker, Tax-News.com October 16, 2009 US Internal Revenue Service (IRS) Commissioner Doug Shulman has said that he is pleased with the response to the agency’s voluntary offshore bank account disclosure scheme, the deadline for which p...

Sixth UBS Client Pleads Guilty to Tax Charges
on Oct 12, 2009 in IRS UBS tax evasion unreported income FBAR By WebCPA.com Staff A retired Boeing sales manager is the latest UBS client to plead guilty to filing a false tax return after the Swiss bank agreed to disclose the identities of some of its U.S. clients. Robert Cittadini of Bellevue, Wash., accepted...

FBAR Tax Compliance Issues (U.S. Taxpayer)
on Sep 23, 2009 in FBAR IRS tax evasion unreported income FBAR rules are not found in the Code. Rather, they are set forth in the Bank Secrecy Act, first enacted by Congress in 1970. Since 2003, however, the IRS bears responsibility for enforcing these rules. The FBAR rules require that every U.S. Person re...