| 
In this essay, I would like to discuss some of the penalties that may be imposed as a result of the failure to file the FBAR even though you were required to do so. In particular, I will focus on three general scenarios describing specific penalties commonly attributed to each of them. The first scenario […]
FBAR filing is required only if the aggregate balances of a U.S. person‘s foreign financial accounts exceed $10,000. Despite appearances, the requirement that the aggregate value of all of the foreign financial accounts exceeds $10,000 at any time during a calendar year is not without complications. In order to figure out the account value in […]
The term “foreign financial accounts” is described expansively and includes any bank, brokerage, securities, securities derivatives and other financial instruments accounts located outside of the United States and its territories. In the instructions to the FinCEN Form 114 Foreign Bank Accounts Reporting (FBAR) formerly Form TD F 90-22.1, the IRS also includes in this definition […]
On August 19, 2010, the IRS announced that interest rates for the calendar quarter beginning October 1, 2010, will remain the same as follows: 1. Individual underpayment and overpayment: 4%; 2. Corporate overpayment: 3% 3. Large corporate underpayment: 6% 4. Portion of corporate overpayment exceeding $10,000: 1.5% The interest rate is determined on a quarterly […]
If you are getting married this year, this may have a significant impact on your tax returns for the year 2010. While you are likely to deal with most of these changes when you will be filing your tax return for the tax year 2010, there are some basic administrative actions that you should be […]