Entries by Manager

FBAR Criminal Penalties

Potentially, a person who willfully fails to file an FBAR or files a false FBAR may be subject to: A prison term of up to 10 years Criminal penalties of up to $500,000 or both When it comes to penalties, FinCEN Form 114 formerly Form TD F 90-22.1, Report on Foreign Bank and Financial Accounts […]

IRS Audit of Offshore Accounts and Other Foreign Assets: Potential Penalties

Failure to do timely voluntary disclosure may expose non-compliant U.S. taxpayers with foreign bank and financial accounts to tremendous amount of audit penalties. In this article, I will describe these penalties which may apply to non-compliant U.S. taxpayers during an IRS audit (remember, the application of these penalties in your particular case will depend on […]

Taxability of Grants and Fellowship Amounts

With the cost of higher education sky-rocketing, it may make financial sense for students and families to consider grants and fellowships.  But what about the tax consequences of receiving a grant or fellowship payment? Are grants and fellowship taxable? The question depends upon whether the individual is a degree candidate.  A degree candidate can exclude […]