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September 2009 |  Article

TD F 9022.1, Report of Foreign Bank and Financial Accounts (FBAR), must be filed by U.S. persons having a financial interest in or signature authority or other authority over any financial account in a foreign country if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.

August 2009 |  Article

The IRS announced Friday in Notice 200962 that it is extending for certain taxpayers the due date for filing calendar year 2008 Form TD F 9022.1, Report of Foreign Bank and Financial Accounts (FBAR). Because the Treasury Department is still working out various FBAR filing issues, it has decided to give certain taxpayers until June 30, 2010, to file FBARs for 2008 and earlier calendar years.

July 2009 |  BY paul bonner |  Article

The IRS has answered 51 “frequently asked questions” (FAQs) about its voluntary disclosure and settlement option for previously unreported offshore financial accounts and entities and income from them. The sixmonth window for making disclosures under the program ends Sept. 23. Although IRS Commissioner Doug Shulman said the program can allow taxpayers to avoid criminal prosecution if they voluntarily report their offshore income, such disclosures, like other taxpayer voluntary disclosures, are screened for eligibility by the IRS’ Criminal Investigations Division, noted Vernon Jacobs, a CPA who is a member of the AICPA International Tax Technical Resource Panel.

July 2009 |  BY Philip T. Pasmanik, Neil A. J. Sullivan |  Article

In September 2008, the IRS website posted revisions to the Report of Foreign Bank and Financial Accounts (Form TD F 9022.1) that surprised many practitioners. This article discusses new traps for the uninitiated created by these revisions and the new reporting requirements for certain taxpayers who previously may not have been required to file this form.

July 2009 |  Article

The IRS has posted to its Web site a threepage “optional format” short form for taxpayers to use when applying for the Voluntary Disclosure Program. The form asks taxpayers to estimate the annual highest aggregate value for their offshore accounts or assets for the years 2003�. It also requires them to list estimated total unreported income from offshore accounts for each of those years.

June 2009 |  Article

The information below includes questions that IRS Criminal Investigation special agents have asked some taxpayers participating in the IRS Offshore Voluntary Compliance program. Practitioners might want to document the facts as fully as possible in a detailed summary when submitting under the program. Those considering the Offshore Voluntary Compliance program should consider working with legal counsel in a Kovel arrangement, so that the CPA’s work is shielded by the attorneyclient privilege.

June 2009 |  BY Eileen Reichenberg Sherr |  Article

The IRS on June 24 released 20 new updated frequently asked questions (FAQs) on its offshore income voluntary disclosure program (VDP) and foreign bank and financial accounting reports (FBAR). The IRS also provided to the AICPA FBAR Task Force the street address for FBAR submissions by private delivery services IRS Detroit Computing Center Attn FBAR Mail Room, 4th Floor 985 Michigan Ave.

June 2009 |  BY Eileen Reichenberg Sherr |  Article

June 30 is the deadline for filing the current year Report of Foreign Bank and Financial Accounts, Treasury Form TD F 9022.1 (FBAR). “United States persons” having a financial interest in or signature authority or other authority over any financial account in a foreign country have an FBAR filing requirement if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.

June 2009 |  BY Paul Bonner |  Article

The IRS has answered 51 “frequently asked questions” (FAQs) about its voluntary disclosure and settlement option for previously unreported offshore financial accounts and entities and income from them. The sixmonth window for making disclosures under the program ends Sept. 23. Although IRS Commissioner Doug Shulman said the program can allow taxpayers to avoid criminal prosecution if they voluntarily report their offshore income, such disclosures, like other taxpayer voluntary disclosures, are screened for eligibility by the IRS’ Criminal Investigations Division, noted Vernon Jacobs, a CPA who is a member of the AICPA International Tax Technical

May 2009 |  BY Eileen Reichenberg Sherr |  Article

President Obama released his plan to raise $198.3 billion from 2011� by overhauling international taxes, which will affect multinational corporations. When combined with further international tax reforms that will be described in the administration’s full budget proposal, the proposed international tax reform package would raise $210 billion over the next 10 years.