Podcasts about fbars

The tax press has focused recently on captive insurance, conservation easements, Employee Retention Credits, and other “hot” topics. However, international tax enforcement in general, and big penalties for unfiled FBARs in particular, are still key issues. Several cases, largely unnoticed, have held that the IRS can extend the period for assessing FBAR penalties, even though the initial deadline expired. Another case ruled that FBAR penalties are “fines” for constitutional purposes, such that courts can reduce them if they are “excessive.” This article examines disparate rules about extensions of assessment-periods, relevant IRS guidance, and new cases centered on these critical topics. 

Brent chats with Rachel Sass about the U.S. Supreme Court case Bittner v. U.S., where the Court decided the non-willfulness penalties for FBARs is $10,000 per filing, not per account. This case changed the IRS's long-time position. Brent and Rachel discuss the case, the reasoning, what it means for FBARs, and what they expect in the future.Continue reading

Audio of  Bittner v. United States (Feb 28, 2023) Dissenting Opinion U.S. persons with foreign bank accounts are required to file an annual Report of Foreign Bank and Financial Accounts, commonly known as an FBAR. Alexandru Bittner, a dual citizen of the U.S. and Romania, failed to report his interests in his foreign bank accounts on annual FBAR forms, as required by the Bank Secrecy Act of 1970 (BSA). So, the United States government fined him 10,000 for each unreported account each year from 2007 to 2011 - for a grand total of $2.72 million. You might say Mr. Bittner was FUBAR over his FBARS at this point. Of course, Bittner challenged the fines. The district court held that a $10,000 maximum penalty attaches to each failure to file an annual FBAR, not to each account to be reported on the FBAR, so it reduced Bittner's fines to $50,000 total.  The U.S. Court of Appeals for the Fifth Circuit reversed, holding that each account he failed to report indeed counted as separate reporting violation. In this case, the Court was asked… Is a “violation” under the Bank Secrecy Act the failure to file an annual Report of Foreign Bank and Financial Accounts (no matter the number of foreign accounts), or is there a separate violation for each individual account that was not properly reported?  The Court sided with Bittner in a surprising 5-4 split. Today I'll be reading Justice Barrett's dissenting opinion, in which she is joined by an unlikely collection of colleagues.   Music by Epidemic Sound  

Audio of Part 2 of Bittner v. United States (Feb 28, 2023) Majority Opinion U.S. persons with foreign bank accounts are required to file an annual Report of Foreign Bank and Financial Accounts, commonly known as an FBAR. Alexandru Bittner, a dual citizen of the U.S. and Romania, failed to report his interests in his foreign bank accounts on annual FBAR forms, as required by the Bank Secrecy Act of 1970 (BSA). So, the United States government fined him 10,000 for each unreported account each year from 2007 to 2011 - for a grand total of $2.72 million. You might say Mr. Bittner was FUBAR over his FBARS at this point. Of course, Bittner challenged the fines. The district court held that a $10,000 maximum penalty attaches to each failure to file an annual FBAR, not to each account to be reported on the FBAR, so it reduced Bittner's fines to $50,000 total.  The U.S. Court of Appeals for the Fifth Circuit reversed, holding that each account he failed to report indeed counted as separate reporting violation. In this case, the Court was asked… Is a “violation” under the Bank Secrecy Act the failure to file an annual Report of Foreign Bank and Financial Accounts (no matter the number of foreign accounts), or is there a separate violation for each individual account that was not properly reported?   Music by Epidemic Sound

Audio of Bittner v. United States (Feb 28, 2023) Majority Opinion   U.S. persons with foreign bank accounts are required to file an annual Report of Foreign Bank and Financial Accounts, commonly known as an FBAR. Alexandru Bittner, a dual citizen of the U.S. and Romania, failed to report his interests in his foreign bank accounts on annual FBAR forms, as required by the Bank Secrecy Act of 1970 (BSA). So, the United States government fined him 10,000 for each unreported account each year from 2007 to 2011 - for a grand total of $2.72 million. You might say Mr. Bittner was FUBAR over his FBARS at this point. Of course, Bittner challenged the fines. The district court held that a $10,000 maximum penalty attaches to each failure to file an annual FBAR, not to each account to be reported on the FBAR, so it reduced Bittner's fines to $50,000 total.  The U.S. Court of Appeals for the Fifth Circuit reversed, holding that each account he failed to report indeed counted as separate reporting violation. In this case, the Court was asked… Is a “violation” under the Bank Secrecy Act the failure to file an annual Report of Foreign Bank and Financial Accounts (no matter the number of foreign accounts), or is there a separate violation for each individual account that was not properly reported?   Music by Epidemic Sound  

Chief of the Internal Revenue Service's Criminal Division (IRSCI) Jim Lee details the 2022 results of his “BSA Challenge” to his staff. The Challenge explores and explains the value to law enforcement of Bank Secrecy Act data---CTRs, SARs, CMIRs, FBARS and Form 8300's.

Ugh, are we talking about Elon AGAIN? Well, yeah, but he's running so spectacularly wild, it reminds us of the joke about a horse wreaking havoc in a hospital. There's no protocol, so I guess we're all just watching. Blue checks backfired again with the fake Eli Lilly account Tweeting "Insulin is free," shining a big light on two things: That the pay-to-be-verified-on-Twitter plan is trash and, most importantly, that price gouging insulin to the tune of 1,200 percent is ethically barren. Next on deck is a big nasty: The Wall Street Journal reports that a U.S. taxpayer is facing a fine of $2.72 million for failing to submit a Report of Foreign Bank and Financial Accounts--also known as FBAR. The stinger? The taxpayer in question didn't even OWE any taxes on those assets; this is literally just a penalty. Good luck, fella. Meanwhile, pay transparency laws are going into effect in NYC to help narrow the income gap across gender and ethnic lines. All together now: Equal work, equal pay! A solid win for decreasing income disparity. We also cover a crypto update, echoes of Enron at FTXA, and Meta/Facebook is about to lay off 10,000 employees. Links A Host of Tech Companies Announce Hiring Freezes and Job Cuts The Truth About Tech Layoffs What Amazon, Google and other top companies are paying in NYC The IRS and the Eighth Amendment Exclusive: At least $1 billion of client funds missing at FTXA Twitter employee who's 8 months pregnant says she was locked out of her company laptop the night before mass layoffs were due to be announced Facebook Parent Meta Is Preparing to Notify Employees of Large-Scale Layoffs This Week What Amazon, Google and other top companies are paying in NYC 4 million NYC workers will now see how much jobs pay before they apply—here's what to know Michael Lewis Already Selling Movie Rights for Book on FTX's Meltdown Fake Eli Lilly Twitter Account Claims Insulin Is Free, Stock Falls 4.37% Crypto.com Withdrawals Rise After CEO Admits Transaction Problem   Want to know more about working with BrooklynFI, contact us here​

On today episode of the podcast, I wrap up my Digital Nomad Tax Series with Part III, which covers the Foreign Tax Credit, banking, the Foreign Account Tax Compliance Act (FATCA), and the Foreign Bank and Financial Accounts report (FBARs). Disclaimer: I am not your attorney. The rules outlined below apply differently to everyone based on each individuals' facts and circumstances. This is not legal advice. For more information on the Foreign Tax Credit, click here. To read more about banking, FATCA, and FBARs, click here. This podcast series is based on my five part Digital Nomad blog series, which you can read starting here.

On episode #17 of Crossing the 49th Podcast we discuss Principal residence, losses, inherited IRA, FBARs and more. On another instalment of cross-border Q&A we discuss various cross-border tax and investment related issues.… Read more... The post Principal residence, losses, inherited IRA, FBARs and more – Episode 17 appeared first on Phil Hogan, CPA, CA, CPA (CO).

In fighting the battle against offshore tax avoidance, the U.S. government has raised some creative arguments to establish that a taxpayer “willfully” failed to disclose foreign accounts by filing FBARs. These include the concept of “constructive knowledge,” whereby the U.S. government contends that any FBAR violation must be “willful” and thus subject to the highest possible penalty. This notion sounded absurd to many in the tax community at the outset, but it has been embraced by several courts. Not all courts have accepted the position, though, giving hope to taxpayers that merely signing a Form 1040 will not be considered tantamount to a willful FBAR violation and the large penalties that come with it. This article examines the major cases that have analyzed the “constructive knowledge” position and what they mean to taxpayers.

In April, Kelly announced the first Bloomberg Tax & Accounting Insights student writing competition. The contest sought to highlight the very best of student writing. A panel of judges from the Bloomberg Tax team scored and reviewed every entry, and the winners from schools around the globe represent the best young talent in the tax profession. The best and brightest young tax students submitted topical writing to Bloomberg Tax earlier this year. Today, Kelly speaks with two of the winners about their tax writing and commentary.On today's episode of the Taxgirl podcast, Kelly is joined by two student winners of the 2021 Bloomberg Tax writing competition: Elliot Bramham and Travis Nix. Elliot is a student at the University of East Anglia. Travis is a student of tax law at Georgetown Law. His tax commentary has been featured in Tax Notes, Fox News, National Review, and the Chicago Tribune.  Listen to Kelly, Travis, and Elliot talk about their tax writing:Why did Elliot enter the Bloomberg Tax writing competition, and what about it was interesting and exciting to him?  The idea of citizen-based taxation, the topic of Elliot's writing piece, is highly controversial in the US. He also touches on the subject of FBARs. What drew Elliot to writing about such nuanced tax topics?  Elliot says many institutions have been known to close accounts of American expats with capital still in the accounts. He tells Kelly he would be surprised if she could still easily file for an FBAR today as opposed to when she was a student studying abroad in England.  What are Elliot's favorite aspects of studying tax? He says he's most fascinated by international tax between countries, especially bilateral treaties that were established years ago but are now made more complicated by the introduction of new tech and financial products in the industry. Has Elliot been following the OECD, and what are his thoughts on any potential resolution? He says it's probably too early to tell about whether an agreement will be reached, but that there are so many international conversations taking place as a result.  Europe has widespread real time reporting, while the US decidedly does not. What are Elliot's thoughts about the differences, and might it be easier to reach an agreeable conclusion if the US practiced real time reporting? What does Elliot think he wants to do after school in the field? He shares he is most interested in financial planning, and is excited to head further into the profession when he's finished with school.  What inspired Travis to enter the tax writing competition? He says he highly respects Bloomberg Tax as a publication and was excited to share his commentary with such a distinguished outlet.  Travis's piece was very well received and featured a discussion about the gig economy. What sparked his interest in writing a gig economy piece from a tax lens?  Kelly says she feels it's often understated how big the gig economy really is in the US. Travis agrees that so many people are gig workers in some way, whether part time or full time. But many gig workers aren't fully aware of the reporting requirements for their circumstances. What are Travis's thoughts for increasing compliance for the gig economy, as well as making reporting easier for gig workers?  After one of Travis's tax articles, Uber reached out to contact him and ended up distributing a form to its delivery drivers to better inform them about their reporting options and expectations. Regarding a standard business deduction, what are Travis's high-level thoughts for rolling out an ideal solution across the board, while keeping in mind that the gig economy is full of nuance? Is corporate tax the most exciting part of the profession for Travis? From policy, to planning, to compliance, what area of tax does he hope to dive into after finishing his studies? More about Kelly: Kelly is the creator and host of the Taxgirl

This episode is also available as a blog post: https://paylesstax.com/2021/07/27/estate-owes-6-4-million-for-decedents-failure-to-file-fbars/ --- Send in a voice message: https://anchor.fm/don-fitch/message

Should I declare my account in Spain on my Foreign Bank Account Report? If you need #InternationalTax advice? We are here...Here are 4 ways we can help you -1. SIGN UP for free webinars on US Expat Taxes and International Entrepreneur Taxes at www.htj.tax2. STREAM premium educational videos at www.htj.tax3. CONTACT us for tax optimization consults over Zoom4. High Net Worth? We can QUOTE for doing your "US - International" tax returns #HTJpodcast #internationaltax #taxplanning #financialplanning #taxes #compliance #AdaptOrDie #internationalbusiness #offshore #expats #investors #offshore #liveyourbestlife #flagtheory #InternationalEntrepreneur

Should I declare my account in Spain on my Foreign Bank Account Report? If you need #InternationalTax advice? We are here...Here are 4 ways we can help you -1. SIGN UP for free webinars on US Expat Taxes and International Entrepreneur Taxes at www.htj.tax2. STREAM premium educational videos at www.htj.tax3. CONTACT us for tax optimization consults over Zoom4. High Net Worth? We can QUOTE for doing your "US - International" tax returns #HTJpodcast #internationaltax #taxplanning #financialplanning #taxes #compliance #AdaptOrDie #internationalbusiness #offshore #expats #investors #offshore #liveyourbestlife #flagtheory #InternationalEntrepreneur

Mark Nestmann has a Masters of Law in international tax law. His work has been featured in well-known media outlets including The Washington Post, ABC News, The New York Times, Bloomberg News, Business Week and Forbes. Fans of his work include former US Congressman Ron Paul and Bob Bauman, as well as famed analysts Gary North and Dr Mark Skousen. He has been able to help more than 15,000 customers and clients protect their assets, protect themselves and live more free lives. In this interview with Mark Nestmann, they really dive deep on why the Americans have negative views towards offshore investing.   Negative View Towards Offshore Investing Mikkel Thorup starts off this interview with Mark Nestmann talking about why US citizens have such a negative attitude about Americans living and doing business overseas. Is this a justified concerned? The US has the world's largest economy. With 300 Million people, only 60% have travelled outside of the country. That leaves 40% that have not. Many have only travelled to the bordering countries, Canada and Mexico. So it's hard for most Americans to understand why someone would want to move or live overseas. Mark Nestmann explains why Americans have this belief system and sets the record straight. Here are a few of the topics discussed about these negative views regarding offshore investing: The mainstream media equates investments outside the US with Tax evasion There are 9 million Americans that live overseas that require a bank account, why is this any different than Americans living inside the USA All nationalities must have a bank account if they live overseas   Tax Havens, yes or no The next question Mikkel Thorup & Mark Nestmann discuss is that the USA is the largest tax haven in the world. Due to FACTA, they have no information exchange. This information is invaluable and is quite interesting to learn from Mark.   Mikkel asks Mark Nestmann: What have you seen, do most Americans who live outside the US live in tax havens? Is it hard for Americans to get bank accounts when they live overseas? The majority of US citizens living overseas actually have to pay higher taxes than if they lived in the USA. Canada is the #1 destination for US citizens to live overseas because it is right next door, they speak English and they have a similar culture. However, taxes are higher. 1 Million Americans live in Canada. 1 Million Americans also live in Mexico. The other 8 Million are spread throughout the rest of the world.   Mikkel's next question to Mark Nestmann was, why would an American wish to consider living outside the US? I'm sure many of you may be wondering about that. The US currency is really strong, there are lots of opportunities available for Americans, and if they have to pay higher taxes, what is the draw? Listen in to hear Mark discuss this in detail.   Overseas Bank Accounts The discussion then turns to what unique entrepreneurial opportunities exist outside the US that isn't available domestically.   Apart from the need to readjust to a new culture when moving outside the US, what unique challenges do Americans face when they relocate to another country?   Most will find this extremely interesting. There are more than nine million Americans living overseas, but only about 500,000 file tax returns with the IRS. Does that mean the other 8.5 million are evading tax?   What options does an American living abroad have if he/she hasn't been filing tax returns, FBARs, etc.? This is fully explained in this interview with Mark Nestmann. Make sure you have a pen and paper to take notes.   To set the record straight, when do you have to file a tax return as an American?   Related Articles & Podcasts In https://expatmoneyshow.com/richard-maybury-how-will-the-trade-war-with-china-affect-you-and-your-investments/ (Episode 69 with Richard Maybury), we... Support this podcast

In this podcast, I discuss the instructions for making a submission to the streamlined domestic offshore program. For each of the most recent 3 years for which the U.S. tax return due date (or properly applied for extended due date) has passed, submit a complete and accurate amended tax return using Form 1040X, Amended U.S. Individual Income Tax Return, together with any required information returns (e.g., Forms 3520, 3520-A, 5471, 5472, 8938, 926, and 8621) even if these information returns would normally not be submitted with the Form 1040 had the taxpayer filed a complete and accurate original return.     Include at the top of the first page of each amended tax return "Streamlined Domestic Offshore" written in red to indicate that the returns are being submitted under the streamlined procedures.   Complete and sign a statement on the Certification by U.S. Person Residing in the U.S. (Form 14654) certifying: (1) that you are eligible for the Streamlined Domestic Offshore Procedures; (2) that all required FBARs have now been filed (see instruction 9 below); (3) that the failure to report all income, pay all tax, and submit all required information returns, including FBARs, resulted from non-willful conduct; and (4) that the miscellaneous offshore penalty amount is accurate (see instruction 5 below). You must maintain your foreign financial asset information supporting the self-certified miscellaneous offshore penalty computation and be prepared to provide it upon request.     Submit payment of all tax due as reflected on the tax returns and all applicable statutory interest with respect to each of the late payment amounts. Your taxpayer identification number must be included on your check. You may receive a balance due notice or a refund if the tax or interest is not calculated correctly.   Submit payment of the Title 26 miscellaneous offshore penalty as defined above.     If you seek relief for failure to timely elect deferral of income from certain retirement or savings plans where deferral is permitted by an applicable treaty, submit:   a statement requesting an extension of time to make an election to defer income tax and identifying the applicable treaty provision; a dated statement signed by you under penalties of perjury describing: the events that led to the failure to make the election, the events that led to the discovery of the failure, and if you relied on a professional advisor, the nature of the advisor’s engagement and responsibilities. The documents listed above, together with the payments described above, must be sent in paper form (electronic submissions will not be accepted) to: Internal Revenue Service 3651 South I-H 35Stop 6063 AUSC Attn:  Streamlined Domestic Offshore Austin, TX 78741 Finally, for each of the most recent 6 years for which the FBAR due date has passed, file delinquent FBARs according to the FBAR instructions and include a statement explaining that the FBARs are being filed as part of the Streamlined Filing Compliance Procedures. You must file these delinquent FBARs electronically at FinCen. On the cover page of the electronic form, select “Other” as the reason for filing late. An explanation box will appear. In the explanation box, enter “Streamlined Filing Compliance Procedures.”  

Civil and criminal enforcement of Foreign Bank and Financial Accounts (FBAR) violations are on the rise. This Bottom Line videocast discusses the changes to the rules impacting FBAR filing obligations and the impact of the changes on potential penalties, including: The IRS Offshore Voluntary Disclosure Program, which is ending September 28, 2018 What companies should do now if they discover that their filing obligations are not compliant What civil and criminal enforcement efforts are underway where FBARs were not filed and how you should prepare

Civil and criminal enforcement of Foreign Bank and Financial Accounts (FBAR) violations are on the rise. This Bottom Line videocast discusses the changes to the rules impacting FBAR filing obligations and the impact of the changes on potential penalties, including: The IRS Offshore Voluntary Disclosure Program, which is ending September 28, 2018 What companies should do now if they discover that their filing obligations are not compliant What civil and criminal enforcement efforts are underway where FBARs were not filed and how you should prepare

Read This Before You Transfer Your Money to Israel By Douglas Goldstein, CFP® Making aliya doesn't mean you need to close your American brokerage accounts. In fact, there are many sound reasons for maintaining assets in America even if you move away. Think twice before converting your American retirement accounts to shekels and bringing them to Israel. Recently, some American brokerage firms asked their non-resident clients to transfer out their accounts. To the shock of many clients in Israel, major firms decided to end long-term relationships with them. If this has happened to you (or you fear it may) don't panic! There are U.S. brokerage firms who realize the benefit in holding accounts for law-abiding and tax-paying citizens who just happen to have a non-U.S. address. As a licensed financial planner in both Israel and America, I have over two decades experience in counseling American olim on the benefits of maintaining an American brokerage firm while living in Israel. Benefits include: Tax Reporting Benefits Keeping an American brokerage account makes tax reporting to America easier. Long and short term gains/losses are reported according to the IRS's requirements. This makes tax filing easier (and cost efficient) on 1099s, FBARs, and other forms that Americans must file. Tax Deferred Benefits Keeping an American IRA (Individual Retirement Account, often held through a U.S. brokerage company) or 401(k) account means you can maintain the tax-deferred status of your funds. If you transfer these accounts out of America, you lose the tax benefits and may owe penalties as well. Safety Benefits American brokerage accounts have an extremely high level of transparency and government regulation. While SIPC insurance can't guard an investor against regular market volatility, the protection gives millions of investors peace of mind. You Can Keep American IRAs              Keep in mind that an American brokerage account can't replace your local Israeli bank account for day-to-day services. Nor can it hold Israeli pension and Israeli tax-free savings accounts (which may still be taxable in America). However, an American IRA account is the most common tool used to maintain the tax-deferred status of retirement funds. For help managing your American brokerage/retirement accounts in Israel, watch the video at www.Profile-Financial.com/USAccounts and call Profile Investment Services, Ltd., (02) 624-2788. Neither Profile nor PRG provides tax or legal advice. Consult an accountant or an attorney on such matters before taking any action.   Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates

President Obama releases proposed FY 2012 Budget; re-proposes many international tax provisions -- IRS 2011 Offshore Voluntary Disclosure Initiative offers late filing for FBARs and Forms 5471 without penalties -- OECD publishes scoping paper on intangibles