As part of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, the new annual due date for filing the Reports of Foreign Bank and Financial Accounts (FBAR) is April 15, to coincide with the Federal income tax filing season. However, for calendar year 2016, the filing date is April 18, 2017, […]
Congress has taken significant steps to ensure that worldwide taxable income subject to United States taxation is properly reported. A major part of that effort is predicated upon collecting information on foreign bank accounts. For more details about this effort, see our previous FBAR and FATCA post. Reporting Requirements All United States citizens and resident […]
Download this article, reviewing the requirements for this tax break, which appeared in the Summer 2015 issue of GYF Perspectives.
The Internal Revenue Service may know more about those accounts than you think! Perhaps no area of potential tax abuse is more frustrating to Congress and the Internal Revenue Service (IRS) than the omission of income associated with taxpayer assets held offshore in foreign bank accounts. Pursuing this income (and the taxpayers failing to report […]