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IRS Tax Audit News

http://gswlaw.com/irsblog

IRS Tax Audit News and Analysis

• Added on: Jan 31st, 2008
• Country: United States
• Language: English

• Author: Gary S. Wolfe
• Listed in: Law & Legal Law
• Tags: IRS audit tax haven unreported income offshore trusts

Recent Posts

• FBARs and Offshore Hedge Funds

  Posted on Tuesday November 24th, 2009 at 09:45 in IRS, tax evasion, fbar, foreign account

  The California Tax Lawyer (Summer 2009 Edition) published my article: FBARs and Offshore Hedge Funds. Please see copy below.   FBARs and Offshore Hedge Funds After the landmark agreement between the U.S. and Swiss government over secret UBS Swiss ba...

• Penalty Regime for Foreign Bank Account Filing (FBAR)

  Posted on Monday November 23rd, 2009 at 12:25 in fbar, foreign account, td f 90-22.1

  The California Tax Lawyer (Summer 2009 Edition) published my article: Penalty Regime for Foreign Bank Account Filing (FBAR), please see copy below. Penalty Regime for Foreign Bank Account Filing (FBAR) Each U.S. person who has a financial interest in...

• 14,700 Offshore Tax Evaders Settle with IRS

  Posted on Wednesday November 18th, 2009 at 13:47 in IRS, tax evasion, unreported income, voluntary disclosure

  Previous estimates by the IRS project in excess of 700,000 unreported Foreign Bank Accounts (held by U.S. Taxpayers). Under the 2009 voluntary disclosure “last chance” compliance initiative 14,700 U.S Taxpayers came forward (approximately...

• FBAR: Filing Requirements for Gold or other Non-Cash Assets

  Posted on Thursday November 5th, 2009 at 10:55 in gold, fbar

  Under IRS (6/29/09) FAQs regarding Report of Foreign Bank and Financial Accounts (FBAR), the IRS confirmed: 1. An FBAR must be filed whether or not the foreign account generates any income;   2. An FBAR is required for account maintained with financ...

• FBAR Filing: Domestic Corporations with Foreign Accounts

  Posted on Wednesday November 4th, 2009 at 11:10 in IRS, fbar, foreign account

  In the IRS Workbook on the Report of Foreign Bank and Financial Accounts, the IRS advised that a domestic (e.g., NY) corporation that has foreign accounts:   1. The corporation must file a FBAR for the corporations’ accounts.   2. A majority ...

• FBAR Filings: Non-Resident Aliens

  Posted on Tuesday November 3rd, 2009 at 12:37 in fbar, non-resident aliens

  Non-resident aliens file Form 1040 NR to report U.S. taxable income.  Form 1040 NR does not require a Schedule B (to report foreign accounts by completing boxes 7(a) and 7(b) on Form 1040 Schedule B). If the person filing Form 1040 NR has foreign ac...

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