The first results of the revived IRS program are announced: Rich people who didn’t file tax returns for years have already paid $172 million in overdue taxes to the Internal Revenue Service, according to the first results of the agency’s revived program targeting...
The Internal Revenue Service today reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15. For additional information about filing deadlines, filers...
For US Citizens and Green Card holders who hold assets with foreign institutions, for whatever reason, the tax ramifications are an area of serious concern. The Internal Revenue Service (IRS) treats money held in foreign banks differently than money held in domestic...
An Accidental American is someone whom US law deems to be an American citizen, but who has only a tenuous connection with that country. American nationality law provides that anyone born on US territory is a US citizen, including those who leave as infants or young...
The Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS. It must be filed directly...
An investigation has shown that the IRS has fallen far short of its goals in implementing the FATCA legislation. With stricter requirements, the department hopes to detect non-compliance more quickly by U.S. Citizens living and working abroad. The U.S. Tax system,...
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