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Financial Website Directory Ireland

Have A Foreign Bank Account?

Author: Lance Wallach
Category: Banks
Date Added: August 09, 2011 11:37:22 AM
Page Views: 2981

FBAR Deadline is here. Filing deadline for the IRS's offshore tax amnesty (called the Offshore Voluntary Disclosure Initiative). IF you don't properly comply you will get caught.

For those with current offshore accounts, the deadline to file the annual Report of Foreign Bank and Financial Account ("FBAR") is here.

 

* File your FBAR NOW.The form is known as the  TD F 90-22.1 form.

 

* Make sure you check the box on Schedule B of your income tax returns that asks if you have an interest in a foreign account. (Failing to file the FBAR is a felony, so is supplying the wrong information on your income tax return).

 

* Remember to report any foreign source income too. Thus if you have an offshore savings account make sure you report the interest evens if it was taxed in another country.

 

Many foreigners living in the U.S. and dual nationals get confused by what gets reported on the U.S. return. The IRS wants to know about all of your income even if taxed elsewhere. If you don't have an accountant familiar with offshore reporting requirements, find one. One missed step could get you charged with a crime or facing a penalty of  50% of the highest account balance.

There are many special rules, and if you don't use an expert for this YOU will probably have a big PROBLEM. Best to use an ex IRS agent who had years of experience with the IRS in the international division of the IRS.

You probably need additional advise in addition to advise on the form. Large fines for mistakes.The FBAR is a Treasury return.You probably need to file ASAP or at lease contact the IRS with your reason for filing late. They don't care about the mailing date; it must be received on time. Will they penalize you if it is received a day late?

 

 

Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, is a frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters.  He writes about 412(i), 419, and captive insurance plans. He speaks at more than ten conventions annually, writes for over fifty publications, is quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio's All Things Considered, and others. Lance has written numerous books including Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, Bisk Education's CPA's Guide to life insurance and Federal Estate and Gift Taxation, as well as AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots. He does expert witness testimony and has never lost a case. Contact him at 516.938.5007, wallachinc@gmail.com or visit http://www.taxadvisorexpert.com 

 

About the Author:

Lance Wallach, captive insurance and Section 79 plan expert, is the nation's leading authority on resolving IRS tax problems for individuals and businesses.

Mr. Wallach, National Society of Accountants' Speaker of the Year, is a member of the AICPA faculty of teaching professionals and he is a renowned national expert witness in many 419, 412i, and financial abuse cases. To date his side has never lost a case.

Mr. Wallach is often a featured speaker at national conventions for CPAs, attorneys, and business owners and other entrepreneurs, and has over 30 years experience helping people get the most possible money back from the IRS.  He can be contacted at 516-938-5007 or wallachinc@gmail.com, or visit www.taxadvisorexperts.org or www.taxaudit419.com for more information.

Lance Wallach is the author of many best selling accounting, taxation, and financial books, including:

  • Protecting Clients from Fraud, Incompetence, and scams
  • Wealth Preservation Planning by the National Society of Accountants
  • The CPA's Guide to Federal and Estate Gift Taxation published by Bisk
  • The AICPA's The Team Approach to Tax, Financial and Estate Planning
  • The CPA's Guide to Life Insurance by Bisk CPEasy
  • Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots by the AICPA author / moderator Lance Wallach







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