Since , the Bank Secrecy Act has required U. The FBAR is an informational return that is filed separately from a tax return. It must be received by the IRS by June Failure to file an FBAR can result in significant civil and criminal penalties. Although the reporting requirements have existed more than 40 years, many people with foreign accounts have never heard of the FBAR.
The IRS received close to 15, disclosures under this program. To participate, taxpayers must file their disclosure on or before August 31, With the tax season upon us and with the details of the OVCI released, taxpayers have several methods to cure their past noncompliance. This article first summarizes the FBAR reporting and recordkeeping requirements and the civil and criminal penalties associated with noncompliance with those requirements.
It then outlines the currently available options, including participation in the OVCI. Because the proper course of action depends on the particular facts and circumstances of each case, taxpayers should discuss their options with a knowledgeable tax attorney. The Bank Secrecy Act also contains a recordkeeping requirement, which states that if a person is obligated to file an FBAR, then that person must keep records for five years from the due date of that FBAR.
Virgin Islands. Foreign mutual funds are subject to additional rules and a punitive tax structure if the taxpayer does not or cannot make a timely election because foreign mutual funds are treated as Passive Foreign Investment Companies. After negotiating for months with the White House and congressional Democratic leaders, Sen. Like last year, has been a difficult year. Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email.
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Similar guidance exists for other tax information returns such as Form , Information Return of U. For additional information, contact Parag Patel of Patel Law Offices at or visit us at www. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Submission Requirements from IRS.
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