Deadline Looms For Americans To Disclose Accounts In Foreign Tax Havens

Under an amnesty program, the IRS is allowing taxpayers to avoid prosecution for failing to report those accounts. Tax attorneys have been besieged by wealthy clients who are lining up to apply. Wealthy U.S. taxpayers, concerned about an Internal Revenue Service crackdown on the use of secret overseas bank accounts as tax havens, are rushing to meet a Thursday deadline to disclose those accounts or face possible criminal prosecution.

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BING SEARCH:
  • How to Report Foreign Bank Accounts to the U.S. Treasury
    This tax form is separate from the foreign bank account report, although it contains similar information. There are separate thresholds for being required to disclose foreign accounts. For Form 8938 purposes, the threshold starts at total foreign account balances of US$50,000 on the last day of the year or US$75,000 at any time during the year.
    10/19/2020 - 6:17 am | View Website
  • The Tax Implications of Opening a Foreign Bank Account
    Any U.S. citizen with foreign bank accounts totaling more than $10,000 must declare them to the IRS and the U.S. Treasury, both on income tax returns and on FinCEN Form 114.
    10/18/2020 - 4:05 pm | View Website
  • IRS Reminds Those with Foreign Assets of U.S. Tax ...
    New Deadline for Reporting Foreign Accounts. Starting this year, the deadline for filing the annual Report of Foreign Bank and Financial Accounts (FBAR) is now the same as for a federal income tax return. This means that the 2016 FBAR, Form 114, must be filed electronically with the Financial Crimes Enforcement Network (FinCEN) by April 18, 2017.
    10/18/2020 - 12:01 pm | View Website
  • When virtual is real: Deadline looms to disclose foreign ...
    Some taxpayers may also be required to file under the Foreign Account Tax Compliance Act, or FATCA. The filing threshold constitutes a total of $50,000 in foreign bank accounts, securities accounts, and other foreign financial assets at any point during the tax year. Relief through voluntary disclosure
    09/30/2020 - 5:49 am | View Website
  • Deadline looms for tax amnesty
    Deadline looms for Americans to disclose accounts in foreign tax havens ... Deadline looms for tax amnesty By Stuart Pfeifer Oct. 13, 2009. 12 AM. Facebook; Twitter; Show more sharing options ...
    09/18/2020 - 4:48 pm | View Website
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