Penalty and Filing Relief on Foreign Earnings Transition Tax

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The Internal Revenue Service (IRS) continues to provide guidance on the implementation of certain provisions within the Tax Cuts and Jobs Act.  Nowhere is this guidance more prolific, and more welcome, than in the international tax provisions of the Act. This week, in News Release IR 2018-131, the IRS has announced that it will waive […]

FBAR Automatic Extension

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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, […]

Ford Named as GGI North American Audit Practice Chair

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Jeff Ford has been elected to serve as the North American Audit Practice Chair for Geneva Group International (GGI). GGI is the world’s sixth largest organization of independent accounting law and consulting firms with over 500 international members, including nearly 100 in North America. Our membership in GGI, along with Jeff’s role as a an […]

foreign banks, financial accounts, taxation, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

Reporting for Foreign Bank & Financial Accounts

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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 […]

foreign financial asset, IRS, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

Final Rules on Specified Foreign Financial Asset Reporting

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The Internal Revenue Service issued final regulations to define when a domestic entity is considered a specified domestic entity that must report specified foreign financial assets in which it holds an interest. These regulations, which apply to certain domestic corporations, partnerships and trusts, adopt the 2011 proposed regulations with just a few changes, including the […]

FBAR Filing Deadline is June 30

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U.S. citizens and resident aliens with an interest in or signature or other authority over foreign financial accounts, whose total value exceeded $10,000 at any time during 2014 must file Form 114 [Report of Foreign Bank and Financial Accounts (FBAR)] with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by June 30, 2015. Note that […]

Foreign Account Filing Rules

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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 […]