Comments on: IRS Urges Foreign Bank Account Holders to Come Forward Voluntarily

By: Florida Tax Amnesty Available July 1, 2010 through September 30, 2010

Florida Tax Amnesty Available July 1, 2010 through September 30, 2010 — Sat, 19 Jun 2010 02:19:23 +0000

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By: IRS Commissioner Talks About Offshore Tax Enforcement

IRS Commissioner Talks About Offshore Tax Enforcement — Sat, 12 Dec 2009 03:13:19 +0000

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By: IRS Alert: Last Day to File For Tax Amnesty Protection

IRS Alert: Last Day to File For Tax Amnesty Protection — Thu, 15 Oct 2009 14:15:52 +0000

[...] IRS Urges Foreign Bank Account Holders to Come Forward Voluntarily Bookmark & Share: [...]

By: IRS Amnesty Deadline is October 15th: UBS Says More than 5,000 U.S. Investor Names to be Disclosed

Thu, 08 Oct 2009 16:12:40 +0000

[...] IRS Urges Foreign Bank Account Holders to Come Forward Voluntarily Bookmark & Share: [...]

By: Peter

Peter — Wed, 16 Sep 2009 02:43:25 +0000

No. The financial institution has records.

And it’s a felony not to report the income earned from the foreign account.

By: patricia

patricia — Wed, 16 Sep 2009 01:22:56 +0000

Wouldn’t it possible for someone to withdraw all the money from their account before the irs realizes its existence?

By: UBS Taxpayer Disclosure Update

UBS Taxpayer Disclosure Update — Thu, 20 Aug 2009 04:34:16 +0000

[...] last day to come foward under the voluntary disclosure program is September 23, [...]

By: Sean

Sean — Wed, 19 Aug 2009 18:45:32 +0000

I believe FBAR disclosure is neccesary if aggregate accounts exceed USD10,000, correct?

By: Cyprus

Cyprus — Fri, 14 Aug 2009 15:51:05 +0000

"well, we all know theirs huge benefits to register a company in Cyprus, lol. My account pointed me to a few blogs on the net which i'm rather reluctant to check out as i've been so busy lately"

By: Peter

Peter — Thu, 11 Jun 2009 19:41:54 +0000

FBAR,

Thanks for the comment.

You are correct. The IRS is going to be aggressive in pursuing non-compliers and the penalties are absurd.

By: FBAR

FBAR — Thu, 11 Jun 2009 16:09:24 +0000

Good information on the FBAR Voluntary Compliance. From what I understand the IRS is going to be very aggressive in pursuing violators and the potential penalties of non-compliance are devastating!

By: Offshore Tax: IRS Issues FAQs on Voluntary Disclosure

Offshore Tax: IRS Issues FAQs on Voluntary Disclosure — Sun, 10 May 2009 13:12:24 +0000

[...] IRS Urges Foreign Bank Account Holders to Come Forward Voluntarily [...]

By: 6 Months Left For IRS’ Offshore Account Partial Amnesty

6 Months Left For IRS’ Offshore Account Partial Amnesty — Wed, 22 Apr 2009 00:44:39 +0000

[...] as we have pointed out before, woe to those who fail to take advantage of the voluntary compliance, amnesty program: Shulman told [...]

By: Foreign Bank Accounts: Who Must File Treasury Department Form 90-22.1

Foreign Bank Accounts: Who Must File Treasury Department Form 90-22.1 — Tue, 21 Apr 2009 07:18:27 +0000

[...] short of promising amnesty, IRS Commissioner Doug Shulman has publicly pleaded with

By: Peter

Peter — Mon, 20 Apr 2009 13:12:51 +0000

Catherine,

I assume you file a U.S. tax return.

If so, you must report your foreign bank accounts on FBAR TD 90-22.1.

This could be a big problem if you’ve held that account for several years without filing.

By: Catherine T

Catherine T — Mon, 20 Apr 2009 04:55:52 +0000

I confuse about reading all these offshore banking. Are the Foreign Bank in the country where we live oversea consider to be an Offshore bank?