A United States person with a financial interest or signature authority over a foreign financial account must file an FBAR if the aggregate value of…
Foreign Bank Account Disclosure Options
You have three main options to disclose unreported foreign bank accounts to the IRS: You can simply file the delinquent Foreign Bank Account Reports (FBARs)…
Penalties for Undisclosed Foreign Bank Accounts
A failure to file Foreign Bank Account Reports (FBARs) can lead to substantial tax penalties. The amount of the penalties will depend on several factors:…
Closing the 2014 Offshore Voluntary Disclosure Program – FAQ
Is the 2014 OVDP closing? Yes. The IRS will close the 2014 OVDP effective September 28, 2018. The FAQs for the 2014 OVDP provided that…
Cybersecurity Threats During Tax Season
Cybersecurity Threats Which Pop Up During Tax Season Tax season is around the corner and with it comes several cybersecurity threats and challenges that both…