Tag: Form 114

WEBINAR – Back By Popular Demand FBAR, FBAR, FBAR!

Learn all about FBAR and expand services to your clients with confidence.  Maybe even land Pope Leo XIV as a new client since his Holiness probably has to file FinCEN Form 114 for the Vatican Bank's accounts.  Understand your own compliance risks and what to do if you are not compliant.  This is the FBAR … Continue reading WEBINAR – Back By Popular Demand FBAR, FBAR, FBAR! →

US Residency “First Year Election” and FBAR – The Devil is in the Details

Recently, I presented a webinar for tax pro’s earning CPE credits; the topic involved our favorite character, Mr. FBAR. The FBAR, Form 114, is more formally known as the Report of Foreign Bank and Financial Accounts.  The webinar will be available soon as a CPE credit "self-study" program.  Send me an email if you wish … Continue reading US Residency “First Year Election” and FBAR – The Devil is in the Details →

FBAR – It Gets You in the End, Presidential Pardon Notwithstanding

Can a presidential pardon forgive FBAR penalties?  Maybe Paul Manafort Jr. thinks so! Despite notice and demand for payment, he is not paying US$2.9 million in “willful” FBAR penalties assessed against him.  The US government just brought an action in the southern district court (West Palm Beach division 4/28/2022), to collect the outstanding civil penalties … Continue reading FBAR – It Gets You in the End, Presidential Pardon Notwithstanding →

Looking for Mr. FBAR: When Does a Trust Have a Duty to File?

My latest article on our good friend, Mr. FBAR, is copied below in full, as published by Bloomberg Tax February 21, 2022 in the Daily Tax Report Reproduced with permission, The Bureau of National Affairs, Inc. (800-372-1033) http://www.bloombergindustry.comResponsibility for filing the Report of Foreign Financial Accounts Form 114, or FBAR, is governed by the rules … Continue reading Looking for Mr. FBAR: When Does a Trust Have a Duty to File? →

CONFUSED? FinCEN Blows it….FBAR Due Date Now Extended Till October 31 2020

On October 14, the Financial Crimes Enforcement Network (FinCEN) caused a lot of confusion for taxpayers and their advisors concerning the filing due date for foreign (non-US) financial accounts.  An incorrect posting was issued by FinCEN about the 2020 deadline to file Form 114, Report of Foreign Bank and Financial Accounts, commonly known as the … Continue reading CONFUSED? FinCEN Blows it….FBAR Due Date Now Extended Till October 31 2020 →

IRS’ Crypto Guidance – No, You Cannot Rely On It.

Cyptocurrency (such as Bitcoin) is a type of virtual currency. This is an emerging area and consequently transactions involving use of crypto come with an enormous amount of US tax uncertainty. The Internal Revenue Service (IRS) has taken a keen interest in virtual currency since its use provides a way for taxpayers to avoid tax … Continue reading IRS’ Crypto Guidance – No, You Cannot Rely On It. →