Reporting Requirements, Filing Requirements, Tax Evasion

Offshore Real Estate Ownership and Tax Reporting Requirements

Allen Barron, Inc. on 5/27/2025

What do you need to know about offshore real estate ownership and any associated tax reporting requirements? Are you a U.S. taxpayer or U.S. resident who owns real estate outside of the United States? It may surprise you to...more

What is Willful Blindness According to the IRS?

Allen Barron, Inc. on 11/27/2024

What is willful blindness according to the IRS? How is this important in tax cases involving unreported or under-reported income, disclosure of offshore assets and income, FinCEN Form 114 (more commonly referred to as an...more

Closing A Foreign Bank Account Will Not Solve A Taxpayer’s Disclosure Problem

Foodman CPAs & Advisors on 4/22/2021

IRS is interested in U.S. Taxpayer financial accounts everywhere in the world. If the IRS learns that a Taxpayer has undisclosed reportable accounts or income before a US Taxpayer reports them, the Taxpayer can face serious...more

Don’t Forget to File Your Foreign Bank Account Return

Lowndes on 10/9/2019

If you have a foreign bank account (or signatory authority on a foreign bank account), you are required to file a Form 114 (commonly called an FBAR) if at any point during the calendar year the combined balance in all of your...more

IRS Announces End to Foreign Bank Account Disclosure Program: What Can You Do Now If You Still Have Unreported Foreign Bank...

Burr & Forman on 3/23/2018

The IRS recently announced it will be shutting down its successful Offshore Voluntary Disclosure Program (OVDP) for unreported foreign bank accounts and income. The program will end September 28, 2018. Under the OVDP, first...more

Treasury Department Extends Filing Requirements to Foreign-Owned Domestic Disregarded Entities

Akerman LLP on 5/25/2016

On May 10, 2016, the Treasury Department issued proposed regulations (the Proposed Regulations) which enable the Internal Revenue Service (IRS) to collect certain information about domestic disregarded entities with a single...more