US taxpayers must be aware of the challenges of offshore investment accounts as they relate to tax liability and the ramifications of FATCA and compliance with IRS FBAR reporting. The greatest risk to US taxpayers with offshore investment accounts may be the complex accounting and legal distinctions regarding foreign investments...
A Trust Protects Your Beneficiaries
A trust protects your beneficiaries and ensures they receive your gifts in the best way for their unique circumstances. Your children, extended family and friends, causes and institutions receive your gift directly or "in trust." Many beneficiaries receive the assets you've assigned to them free and clear from all oversight...
Passing Assets and Accounts to Your Heirs
Passing assets and accounts to your heirs and beneficiaries in the shortest time and with minimal or no tax consequence requires expert estate planning. Allen Barron is uniquely structured to provide a single-source legal, estate planning, accounting and tax solution for complex family trusts, business succession planning and estate plan...
World Leaders Developing New Standards to Identify and Exchange Beneficial Ownership Information
The goal of financial transparency worldwide is gaining momentum. The US FATCA initiative has spawned like legislation around the globe. The benefit of taxation derived from the discovery of offshore taxpayer financial accounts and interests has world leaders developing new standards to identify and exchange beneficial ownership information for bank...
FBAR Electronic Filing Due June 30 – No Extensions
If you had a financial interest in a foreign financial account, or signatory or authority over one or more accounts whose aggregate value exceeded $10,000 USD at any point in 2015, you are required to file an IRS FBAR (Report of Foreign Bank and Financial Accounts). You must submit the FBAR...
IRS FBAR Submission is Due June 30 – Come Into FBAR Compliance
If you are a US expatriate or a taxpayer with offshore accounts, investments, assets or income you should be aware your IRS FBAR submission is due June 30 of this year. Starting next year, FBAR reporting will coincide with the normal IRS deadline of April 15. The FBAR or IRS Foreign Bank...
IRS Receiving Treasure Trove of US Taxpayer Offshore Account Information
The IRS reports that it is receiving a vast amount of offshore account information from foreign banks, investment institutions and sovereign tax authorities regarding US taxpayers. The information is quite detailed and linked to individual taxpayer IDs, and includes data such as account information, balances (present and historical), transactions as...
Do All IRS FBAR Filers Need to Consider a Voluntary Disclosure or OVDP?
Yesterday, we discussed the rapidly rising number of “Report of Foreign Bank and Financial Reports” or FBARs filed in 2015. This continues a five year rising trend, and demonstrates the number of US taxpayers with offshore bank accounts and international investments. It also leads to a serious question for FBAR filers:...
This is the Last Year FBARs will be Due to the IRS by June 30
This is the last year that the Report of Foreign Bank and Financial Accounts, or FBAR, will be due to the IRS on June 30 (for tax year 2015). When filing an FBAR for this calendar tax year, 2016, it will be due earlier than previous years - April 15, 2017. This is...