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
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
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
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
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).