FinCEN Grants Permanent Automatic Extensions for FBARs

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that, to implement the new due date for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), of April 15 (April 18 for 2017), it will automatically grant all … Read More

IRS Launches International Data Exchange

WASHINGTON — The Internal Revenue Service announces the opening of the International Data Exchange Service (IDES) for enrollment.  Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial accounts held by U.S. … Read More

IRS Offshore Voluntary Disclosure Efforts Produce $6.5 Billion; 45,000 Taxpayers Participate

FS-2014-6, June 2014 Stopping offshore tax cheating and bringing individuals, especially high net-worth individuals, back into the tax system has been a top priority of the Internal Revenue Service for several years. IRS offshore voluntary disclosure programs are designed to … Read More

IRS Announces Significant Changes to Streamlined Program

IR-2014-73, June 18, 2014 WASHINGTON — The Internal Revenue Service announced today major changes in its offshore voluntary compliance programs, providing new options to help both taxpayers residing overseas and those residing in the United States. The changes are anticipated … Read More

E Filing of FBARs Required

Effective 7/1/2013, all FBARs (Report of Foreign Bank and Financial Account) must be filed electronically. The US Department of Treasury will no longer accept paper filings of FBARs (now Form 114).    

Obama Care & Expatriates

Are U.S. citizens living abroad subject to the individual shared responsibility provision? Yes. However, U.S. citizens who live abroad for a calendar year (or at least 330 days within a 12-month period) are treated as having minimum essential coverage for … Read More