The Internal Revenue Service (IRS) pushed back the tax deadline to July 15, 2020. The deadline is fast approaching, and as taxpayers finalize their returns, they may find themselves wondering “what triggers a tax return?”
The courts may be operating a bit differently in light of the current coronavirus pandemic, but they are still pursuing cases. In a recent example, the court issued a decision in a recent tax case involving a Foreign Bank Account Report (FBAR) violations.
Time is running out for taxpayers in the U.S. who have undisclosed foreign assets. The IRS is bringing the Offshore Voluntary Disclosure Program (OVDP) to a close. The program will end on September 28th, 2018. This will bring an end to the third installment of the program, which was reopened due to high levels of interest by taxpayers and tax practitioners in 2014.
As a business owner, you take great pride in your ability to provide your clients with a high level of service.
There is no denying that paying taxes is part of life. It doesn't matter where you live or how much money you earn; it's almost guaranteed that you're required to pay your fair share.
Just about anyone who has a foreign bank account is aware of the importance of reporting these accounts to the U.S. federal government. According to the Bank Secrecy Act, any citizen or resident of the United States with signature authority or financial interest over any financial account in another country with an aggregate value that exceeds $10,000 at any point during the year needs to file a FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR).