On April 2, 2009 the U.S. Treasury rolled out a Voluntary Disclosure program (expiring on September 22, 2009). The goal of this program is to bring into the fold undisclosed foreign bank accounts and with them, a lot of tax revenue. The voluntary disclosure program is confiscatory and will be a tough pill to swallow … 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
Doing business outside of the U.S.? Have an Offshore bank account or Brokerage Account? Own more than 10% of a foreign country legal entity? (and some rules apply to even lower levels of ownership). The I.R.S. maze of rules and arsenal of penalties is overwhelming; even for CPAs and tax lawyers who work on international … Read more