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Even as the year 2023 nears its end, numerous taxpayers continue to be substantially noncompliant with various US international tax laws. Hence, it is important for US taxpayers with undisclosed foreign assets to consider their 2024 offshore voluntary disclosure options. In this essay, I would like to provide an overview of these 2024 offshore voluntary disclosure options. 2024 Offshore Voluntary Disclosure […]
The 2023 IRS quarterly interest rates IRS interest rates are relevant for a great variety of purposes. Let’s highlight three of its most important uses. First, these rates will determine the interest a taxpayer will get on any IRS refunds. Second, the 2023 IRS quarterly interest rates will also be used to establish the interest […]
US taxpayers with undisclosed foreign assets and foreign income need to consider their 2023 offshore voluntary disclosure options. As was the case in the year 2022, I expect that Streamlined Domestic Offshore Procedures will continue to be the flagship voluntary disclosure option in 2023 for US taxpayers who reside in the United States. This is […]
Child FBAR filing obligations is a topic that comes up fairly often in my practice. In this short essay, I will discuss whether a child is required to file an FBAR and how it should be done. Child FBAR Obligations: What is FBAR FBAR is a common abbreviation for the Report of Foreign Bank and […]
In my practice, I often receive calls from people who are confused about their FBAR obligations. A recent call raised an important issue of whether a tax treaty election may affect one’s FBAR obligations. In this brief article, I would like to address this issue of tax treaty election FBAR obligations.