Changes made under the Tax Cuts and Jobs Act (TCJA) have changed the way foreign companies may be taxed on foreign earnings. There are basically…
Is Virtual Currency Taxable?
The IRS considers virtual currencies such as Bitcoin as property for tax purposes. If you receive Bitcoin as compensation, it would be considered taxable income…
How to Avoid FBAR Penalties
FBAR penalties can be up to $10,000 for non-willful violations. Willful violations have much higher penalties, so taxpayers with foreign accounts should take the time…
Penalties for Undisclosed Foreign Accounts
You may face any of the following penalties for the failure to disclose your foreign accounts: Willful or non-willful FBAR penalties. Accuracy-related penalties for the…
How Many Years of Unfiled FBARs Should You Disclose?
The general rule is that you’ll need to disclose all unfiled FBARs during the past six tax years. This is the disclosure period required under…