On April 2, 2009, the IRS announced they will reduce the penalty for not filing a Report of Foreign Bank and Financial Account, known as a FBAR Form. The current penalty is up to fifty percent (50%) of the highest annual balance of each account for each of the last 3 years. The 50% penalty … Read more
You know June 30th is the last day to report your foreign bank accounts details (fbar) to IRS. So remember, if you’re an American citizen, and have over K in foreign bank account, savings account, you need to file this report (FBAR FORM) by June 30. Deadline for 2010 FBAR forms is JUNE 30, 2011 … Read more
Every time you give someone money or property which may be subject to payment of gift tax. The federal government has guidelines were the gift of the property tax and gift tax rates for all questions. These tariffs and tax exemptions may change based on an annual basis and it is important to review the … Read more
YOU MAY NEED TO FILE FOR AN EXTENSION A 1031 exchange is reported on the tax return for the tax year in which the exchange begins, i.e. the tax year the relinquished property is transferred, using IRS Form 8824. If an investor’s exchange transaction started late in 2010, he may need to file for an … Read more