Contents1 2025 FBAR Reporting Guide 2 First, a Quick FBAR Intro3 Bank Accounts4 Pooled Funds (Account vs No Account)5 Foreign Life Insurance Policies6 Foreign Pension7 Signatory Account8 Social Security9 The Tip of the Iceberg10 Late Filing Penalties May be Reduced or Avoided11 Current Year vs. Prior […]
Contents1 Common Examples of IRS Foreign Noncompliance Penalty Abatement2 Pre-IRS Foreign Penalty Assessment3 FBAR Penalty Assessment4 IRS International Reasonable Cause Penalty Abatement5 The Tip of the Iceberg6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs. Prior Year Non-Compliance 8 Avoid False Offshore Disclosure […]
Contents1 Moving Overseas Will Not Avoid an IRS Tax Audit  2 U.S. Person Living Abroad with U.S. Assets3 U.S. Person Living Abroad with No U.S. Assets4 U.S. Person Living Abroad in an MCAR Country5 The Tip of the Iceberg6 Late Filing Penalties May be Reduced or Avoided7 […]
Contents1 The Tax Responsibilities for New Immigrants to the United States2 Worldwide Income Taxation3 Foreign Bank Account Reporting (FBAR)4 Form 8938 (FATCA)5 Form 3520 Gift6 The Tip of the Iceberg7 Late Filing Penalties May be Reduced or Avoided8 Current Year vs. Prior Year Non-Compliance 9 Avoid […]
Contents1 Common Examples of When Non-Resident Aliens File U.S. Taxes2 What is the Substantial Presence Test?3 H-1B Work Visa4 L-1 Transfer Visa5 B1/B2 Tourist Visa6 EB-5 Investment Visa7 F-1 Student Visa8 Closer Connection Exception9 Treaty Elections10 Late Filing Penalties May be Reduced or Avoided11 Current Year […]
Contents1 Do I Owe an Exit Tax when I Leave the U.S.2 First, Net Worth vs Exit Tax3 Mark-to-Market Gains4 Eligible Deferred Compensation5 Ineligible Deferred Compensation6 Specified Tax Deferred Accounts7 The Tip of the Iceberg8 Late Filing Penalties May be Reduced or Avoided9 Current Year vs. […]
Contents1 Don’t Let Your Foreign Tax Non-Compliance Become Criminal2 FDAP vs ECI3 Treaty or Non-Treaty Country4 W-8 BEN to Reduce or Eliminate Withholding5 Interest Income6 Dividend Income7 Capital Gain Income8 The Tip of the Iceberg9 Late Filing Penalties May be Reduced or Avoided10 Current Year vs. […]
Contents1 The New IRS Voluntary Disclosure Practice (VDP) 2 Timing a VDP Submission is Crucial3 Taxpayers Must Certify They are ‘Willful’4 Taxpayers Must Make a Full Voluntary Disclosure5 Taxpayer Will Submit to an IRS Audit/Examination6 The Unreported Income Must Be Legally Sourced Money7 Penalty Negotiation is Limited8 […]
Contents1 Common Australian Superannuation U.S. Tax Mistakes2 Is it Taxed the Same as U.S. Social Security?3 Are Employer Superannuation Contributions Taxable in the U.S.?4 Are Voluntary Contributions Taxable?5 Australian Superannuation Withdrawal/Distribution Taxes6 Super Foreign Tax Credits for Growth7 Is Superannuation Reported as a Foreign Trust  (Forms […]
Contents1 Are You Considering Expatriation?2 You Must Be Compliant Before You Terminate Status3 Five-Year Tax Compliance Rule4 What is Considered the Date of Expatriation?5 Relief Procedures Have Very Specific Eligibility Requirements6 Accidental American Status is Often the Catalyst7 401K for Net Worth vs Exit Tax8 Act […]
Contents1 Deadline to Reporting Foreign Accounts Approaches 2 No Prior Requirement to File FBAR3 First-Time Filing FBAR, Missed Other International Reporting Forms4 Missed FBAR Prior Years and Other Foreign Tax Forms5 Late Filing Penalties May Be Reduced or Avoided6 Current Year vs. Prior Year Non-Compliance 7 Avoid […]
Contents1 For Noncompliant Taxpayers with Foreign Accounts 2 Willful vs Non-Willful3 Which Offshore Disclosure Program is Right for You?4 Timing the Foreign Account Disclosure5 Understanding the Complexity of Offshore Reporting6 Joint Accounts with Non-Disclosing Taxpayers7 Late Filing Penalties May Be Reduced or Avoided8 Current Year vs. Prior […]
Contents1 How Long Should I Way Before Reporting Foreign Accounts?2 Reduce Your Stress About the Situation3 Minimize or Eliminate Offshore Penalties4 The International Tax Amnesty Programs Can Change5 Did The Taxpayer Become Willful?6 Late Filing Penalties May Be Reduced or Avoided7 Current Year vs. Prior Year […]
Contents1 When IRS Changes Course on International Penalty Enforcement2 Are the Streamlined Procedures Right for You?3 Automatically Assessed Penalties for International Violations are Common4 The Reality of IRS International Penalties5 Tax Court or District Court/Court of Claims6 Financial Limitations to Filing in Federal Court7 Late Filing […]
Contents1 What is IRS Form 86212 What is a PFIC?3 PFIC/CFC Crossovers, GILTI, Subpart F and Excess Distributions4 Which Forms to File to Report PFIC?5 PFIC Taxation6 Making PFIC Elections7 No PFIC Election – Excess Distributions8 Late Election/Purging PFIC Election9 Exceptions to Filing the Form 862110 […]
Contents1 Court Finds FBAR Fines May Violate the Eighth Amendment2 The Ruling Summarized3 FBAR Willfulness Penalties4 Are FBAR Penalties Punitive?5 Key Excerpts from the Court’s Ruling6 What This Means for Future Cases7 Late Filing Penalties May be Reduced or Avoided8 Current Year vs. Prior Year Non-Compliance […]
Contents1 Form 8833 Tax Treaty Position to the IRS2 What is Form 8833?3 Expatriation Tax Trap4 Not all Treaty Elections Require a Form 88335 Positions of which Reporting is Required6 Reporting specifically required by Form 8833 instructions7 Late Filing Penalties May Be Reduced or Avoided8 Current […]
Contents1 A Beginner’s Guide to Form 5471 Foreign Corporations2 Who has to Report Ownership in a Foreign Corporation?3 Does the Entity Qualify as a Dormant Corporation?4 Ownership Pre-dated Becoming a U.S. Person5 What is a Per Se Corporation?6 When is Form 5471 Filing Due?7 How to […]
Contents1 A Form 8938 Beginner’s Guide to Foreign Assets (FATCA)2 Who Must File Form 8938?3 Do I File a Separate From 8938 from my Tax Return?4 When is the Form 8938 Due?5 Which Assets are Reportable?6 What does having a ‘Financial Interest Mean?7 Late Filing Penalties […]
Contents1 Overview of Foreign Pension for U.S. Taxpayers2 First, Employment Retirement vs Personal Retirement3 Treaty vs Non-Treaty4 Form 1040 Tax Document5 FBAR (FinCEN Form 114)6 Form 8938 (FATCA)7 Form 3520-A/35208 Revenue Procedure 2014-559 Revenue Procedure 2020-1710 Proposed Foreign Trust Regulations11 Form 862112 Common Foreign Retirement Examples13 […]
Contents1 Form 3520 Penalties and Abatement Procedure2 First, a Gift vs Loan3 Individual Large Foreign Gift Example4 Entity Large Foreign Gift Example5 Multiple Gifts Example6 Large Foreign Inheritance7 Foreign Trust Distribution8 Foreign Trust Ownership9 Defenses to Late-Filed IRS Form 3520 Penalties10 What is Reasonable Cause?11 Information […]
Contents1 IRS Form 3520 CP15 Notice Penalty Response2 Why Did Taxpayer Receive a Form 3520 Penalty?3 30-Days to Show Reasonable Cause4 Did The Taxpayer Already Submit a Reasonable Cause Statement with Form 3520?5 Was Taxpayer’s Reasonable Cause Statement Even Considered?6 Should Taxpayers Appeal the CP15 Form […]
Contents1 The Threshold Requirements For Form 89382 Single Taxpayer Living in the U.S.3 Single Taxpayer Living Abroad4 Married Taxpayer Living in the U.S.5 Married Taxpayer Living Abroad6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs Prior Year Non-Compliance 8 Avoid False Offshore Disclosure […]
Contents1 Which U.S. Tax Forms to File for Foreign Retirement Plans2 First, Employment Retirement vs Personal Retirement3 Treaty vs Non-Treaty4 Form 1040 Tax Document5 FBAR (FinCEN Form 114)6 Form 8938 (FATCA)7 Form 3520-A/35208 Revenue Procedure 2014-559 Revenue Procedure 2020-1710 Proposed Foreign Trust Regulations11 Form 862112 Common […]
Contents1 What are the Form 3520-A Filing Requirements?2 What Is Considered to Be A Foreign Trust?3 U.S. Trust with Foreign Assets4 When is a Foreign Trust Taxable?5 Foreign Grantor and Non-Grantor Trust Beneficiary Statement6 When is a Foreign Trust Reportable?7 Does the Foreign Trust Qualify For […]
Contents1 What are the Penalties for Not Filing FBAR2 Totality of the Circumstance Test3 Intent Is Not Required for FBAR Willfulness4 Reckless Disregard5 Willful Blindness6 IRM (Internal Revenue Manual)7 FBAR Penalties (Civil vs Criminal)8 Civil Non-Willful FBAR Penalties9 31 U.S.C. 5321 (a)(5)10 Bittner Non-Willful Example11 Burden […]
Contents1 Non-Compliant Foreign Assets Subject to IRS or FBAR Audits2 Intentionally Unreported Foreign Income3 Willfully Unreported Foreign Accounts Assets4 Incomplete FBAR/FATCA5 Misrepresenting U.S. Person Status to Foreign Bank6 3rd Party Fraudulent Conveyance7 Late Filing Penalties May be Reduced or Avoided8 Current Year vs Prior Year Non-Compliance […]
Contents1 National Taxpayer Advocate Protests IRS International Penalties2 What Is the Problem?3 What Is the Solution?4 Late Filing Penalties May be Reduced or Avoided5 Current Year vs Prior Year Non-Compliance 6 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)7 Need Help Finding an Experienced Offshore Tax […]
Contents1 A Guide to Legally Moving Money Offshore2 First, Moving Money Offshore is Not Illegal3 Also, Beware of the U.S.’ Worldwide Income Tax Implications4 Hiding Money Offshore: Legal vs Illegal5 Accounts in Hard-to-Reach Countries6 Intentionally Not Reporting the Money7 Offshore Asset Protection Trusts 8 International Reporting Requirements9 […]
Contents1 Criminal Tax Questions and Answers2 If I Missed Foreign Account Reporting, Will I Go To Jail?3 Is an IRS Quiet Disclosure a Crime?4 Is Unfiled FBAR a Crime5 Are Willful FBAR Violations a Crime6 Does the IRS Prosecute for FATCA (Form 8938)?7 Unreported Income Tax […]
Contents1 Was Your Streamlined Disclosure Rejected?2 Aggressive Certifications are Not Necessary3 Willfulness, But Sorry4 Willful, But Not Sorry (aka Fraud)5 Taxpayer Was Already Penalized for the Same Foreign Assets6 The Taxpayer Did Not Pay the Streamlined Penalty7 Current Year vs Prior Year Non-Compliance 8 Avoid False […]
Contents1 Tax Court Rules for IRS on $40 Million Innocent Spouse Claim2 Petitioner was aware of the Options3 Petitioner in the Option Exercise Analysis4 Petitioner Approved the Reporting Positions5 The Petitioner Knew of The Risks6 Court’s Conclusion7 Late Filing Penalties May be Reduced or Avoided8 Current […]
Contents1 Example of an IRS Audit for Expatriation2 Expatriate Tax Filing Documents3 Exit Tax Bond4 Expatriation Examination5 Section 965 Repatriation Tax6 Form 54717 Form 3520/3520-A8 Foreign Trust Distribution or Gift9 What Happens if Jennifer is Considered a Covered Expatriate?10 Foreign Pension11 401K12 IRA13 Post-Expatriation Gifts to […]
Contents1 Know the Risks Before You Take Them2 The Client is Left Holding the Bag3 Offshore Disclosure Example4 Taxpayer Meets with a New CPA5 Taxpayer CPA Has An Ulterior Motive6 Taxpayer Does His Research7 Which Path To Take?8 The Next Morning9 Taxpayer’s Penalties Would Have Been […]
Contents1 The IRS Intensifies Focus on Offshore Tax Fraud Investigations2 Bewares of Tax Promoters3 Concealing Assets by Moving Them Offshore4 Fraudulent Conveyances to Third Parties5 Moving Crypto Offshore to Avoid Taxes6 International Mixing of Cryptocurrency7 Misusing Foreign Trusts8 Falsifying Expatriation Documents9 Puerto Rico Act 6010 Late Filing […]
Contents1 Contempt for Not Repatriating Foreign Assets2 October 2023 Order to Force Repatriation3 November 2023 Order Denying Stay4 December 2023 Order to Show Cause re: Contempt5 January 2024 Order re: contempt of Court6 Why Incarceration Instead of a Daily Fine?7 Late Filing Penalties May be Reduced […]
Contents1 An FBAR Penalties Overview2 Totality of the Circumstance Test3 Intent Is Not Required for FBAR Willfulness4 Reckless Disregard5 Willful Blindness6 IRM (Internal Revenue Manual)7 FBAR Penalties (Civil vs Criminal)8 Civil Non-Willful FBAR Penalties9 Bittner Changed the Landscape for Non-Willful FBAR Penalties 10 Burden of Proof11 Three […]
Contents1 Retroactive Compliance For Malta Pension Plan Taxes 2 First, Why The IRS Dislikes Malta Retirement Schemes3 New Malta CAA, Summonses, and Audits4 Potential Malta IRS Reporting Penalties (FBAR, FATCA, and More)5 Malta Retirement Scheme Example: Meet Michelle6 FBAR Penalties7 Form 8938 Penalties8 Form 3520/3520-A Penalties9 Form […]
Contents1 The Form 8938 Filing Requirements (2024) with Examples2 Who Has to File Form 8938?3 What are the Form 8938 Threshold Requirements?4 What is the Form 8938 Due Date?5 What Types of Foreign Assets are Reportable?6 What if Form 8938 is Filed Late (Penalties)7 The Tip […]
Contents1 3 Abusive Tax Arrangements 2 The Difference Between Tax Avoidance and Tax Fraud3 Malta Pension Plans/Retirement Schemes4 Foreign Trusts5 Syndicated Consideration  Eastment/Art Contributions6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs Prior Year Non-Compliance 8 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)9 […]
Contents1 The Court Upheld Form 5471 Penalties2 Form 5471 Penalty Assessment3 The Court Rules they are Assessable4 Late Filing Penalties May be Reduced or Avoided5 Current Year vs Prior Year Non-Compliance 6 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)7 Need Help Finding an Experienced Offshore […]
Contents1 Deficiency Procedures Do Not Apply to Form 35202 Common Form 3520 Penalty Example3 Form 3520 Insanity and Absurdity Entwined4 The IRS Does Not Follow Deficiency Procedures5 Farhy and Murkhi to The Rescue, Maybe6 Late Filing Penalties May be Reduced or Avoided7 Current Year vs Prior […]
Contents1 Choosing the Best Foreign Accounts Disclosure Lawyer2 How Many Years in Practice?3 Are they a Board-Certified Tax Law Specialist?4 You Do Not Need (or Want) a Litigator For Offshore Disclosure 5 Is Your Lawyer a Case Leader or Just a Cog in the Wheel?6 Dual-licensed as […]
Contents1 IRS Foreign Account Penalty Relief2 SFCP (Streamlined Filing Compliance Procedures)3 SDOP (Streamlined Domestic Offshore Procedures)4 SFOP (Streamlined Foreign Offshore Procedures)5 DFSP (Delinquent FBAR Submission Procedures)6 DIIRSP (Delinquent International Information Return Submission Procedures)7 VDP (Voluntary Disclosure Program)8 RC (Reasonable Cause)9 Avoid Making a Quiet Disclosure (QD)10 […]
Contents1 Failed to File Your FBAR?2 First, It Will be Okay3 Willful or Non-Willful?4 Non-Willful Offshore Disclosure Options5 Willful Offshore Disclosure Options6 Selecting the Right FBAR Attorney7 Late Filing Penalties May be Reduced or Avoided8 Current Year vs Prior Year Non-Compliance 9 Avoid False Offshore Disclosure […]
Contents1 What You Must Know About FBAR Before Filing2 The FBAR is Not an IRS Form3 The FBAR is No Longer Due on June 304 FBAR is not Limited to Bank Accounts5 The Threshold is Not $10,000+ Per Account 6 FATCA and FBAR are Not the […]
Contents1 6 Key Things You Must Know For IRS Form 54712 Are You a U.S. Person for Tax Purposes?3 Do You Even Need to File the Form 5471?4 Do You Qualify for an Exception?5 Which Category of Form 5471 Filer(s) Are You?6 Form 5471 and 8621 […]
Contents1 An Overview of IRS Non-Willfulness Certification2 The Three Most Recent Tax Years That Have Passed3 Year-End Balance, Not Maximum Balance4 Taxpayers Must be Non-Willful5 Narrative Statements Should be Concise and Accurate6 The IRS can Still Audit Taxpayers for Prior Years7 Taxpayers Cannot Claim a Refund […]
Contents1 Examples Cases For Failing to File FBAR2 Supreme Court Case – Bittner v. U.S. (Non-Willful Penalties)3 Monica Toth v. United States – (Cert. Denied, Willfulness)4 U.S v. Burga – (Willfulness, 9-Figure Penalty)5 U.S. v. Manafort (No One is Immune from the Law)6 In United States […]
Contents1 Can IRS Voluntary Disclosure Limit Criminal Tax Prosecution Risks?2 Non-Willfulness vs Willfulness3 Taxpayers Must Make a Full Voluntary Disclosure?4 Legally Sourced Money vs. Money Laundering5 Extent of Offshore Assets for Voluntary Disclosure6 Civil Tax Fraud has No Statute of Limitations7 Late Filing Penalties May Be […]