Archive by Month: January 2020

Top 10 FAQs About FBARs

Offshore Account Update

Posted in on January 31, 2020

FinCEN Form 114, better known as a Report of Foreign Bank and Financial Accounts (FBAR), is a federal tax form that must be filed by taxpayers who own or have a financial interest in certain types of offshore accounts. The FBAR rules are complicated and failing to properly file FBARs when required can lead to substantial IRS penalties.

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IRS and Joint Chiefs of Global Tax Enforcement Targeting Offshore Tax Evasion in 2020

Hot Topics, Offshore Account Update

Posted in on January 28, 2020

In 2018, the Internal Revenue Service (IRS) joined forces with tax authorities in four other countries to form the Joint Chiefs of Global Tax Enforcement, known as the J5. In 2020, the J5 announced its first multinational tax evasion investigation, and it warned that banks and taxpayers should expect more similar efforts going forward.

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