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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.
FinCEN Form 114 US Person definition is a highly important component of FBAR and US international tax compliance. In this essay, I will discuss in detail the FinCEN Form 114 US Person definition and highlight some common issues that arise with respect to this definition.
The 2022 FBAR conversion rates are very important for your US international tax compliance. The reason for their importance is their relation to FBAR (FinCEN Form 114) and the IRS Form 8938. The 2022 FBAR and 2022 Form 8938 instructions both require that 2022 FBAR conversion rates be used to report the required highest balances […]
On December 12, 2022, the Internal Revenue Service reminded those who were born in 1950 or earlier that funds in their retirement plans and individual retirement arrangements face important upcoming deadlines for the 2022 required minimum distributions to avoid penalties. What are the 2022 Required Minimum Distributions? Required minimum distributions, or RMDs, are minimum amounts […]
On August 15, 2022, the IRS announced that the 2022 Fourth Quarter IRS interest rates will again increase for both underpayment and overpayment cases. This increase closely follows the Federal Reserve’s recent increases in interest rates. This means that, the 2022 Fourth Quarter IRS interest rates will be as follows: Under the Internal Revenue Code, […]