Form 8938 Filing Requirements
“FATCA” (Foreign Account Tax Compliance Act) requires specified individuals to report ownership of specified foreign financial assets if the total value exceeds the applicable reporting …
Innocent Spouse Relief
When a husband and wife sign a joint tax return, each spouse is jointly and severally liable for all taxes relating to that year. Where …
How the IRS Investigates FBAR Violations
In this article are the IRS’ internal procedures for investigations of FBAR violations as found in the IRM. After a foreign bank reports the non-compliant …
Foreign Bank Account Reporting under the Bank Secrecy Act (FBARs)
If you are a US citizen or tax resident, you may have a foreign bank account reporting obligation. This often catches many immigrants to the …
Sale of a Principal Residence with Nonresidential Use
You want to sell your primary residence, but you rent part of it and don’t know how that affects your taxes. Or you’ve converted your …
Canadian Investments and U.S. Tax Compliance
Taxation of Canadian investments in the U.S. can be complicated. It can even be difficult to find a tax advisor who can properly report these …
Foreign Investment in Real Property Tax Act (FIRPTA)
The Foreign Investment in Real Property Tax Act (FIRPTA) was enacted in 1980 in order to impose a tax withholding requirement on foreign persons disposing …
5 Things You Should do if You have Unreported Foreign Income
5 Things You Should do if You have Unreported Foreign Income Learn about what to do if you have unreported foreign income and accounts. Non-Compliance …
What’s Reported on the FBAR?
Contents1 Foreign Bank and Account Reporting on the FBAR1.1 1. the Taxpayer is a “U.S. person”1.2 2. the taxpayer must have Financial Interest, Signature or …
Is a Quiet Disclosure Ever a Good Option?
Contents1 Is a Quiet Disclosure Ever a Good Option in Non-Willful Cases?2 What is a Quiet Disclosure?3 What are the Risks Associated with Quiet Disclosures?4 …