In terms of sheer revenue generated, limited-amnesty programs for noncompliance with offshore reporting requirements has been tremendously successful for the IRS. Since the IRS started these initiatives in 2009, the amount of revenue generated in fines, penalties and back taxes is upwards of $10 billion. Many questions remain, however, about the main limited-amnesty program, the […]

The Report of Foreign Bank and Financial Accounts (FBAR) might not be on your radar, but maybe it should be. FBARs, technically FinCEN Form 114, are used to disclose foreign accounts valued at $10,000 or more at any point in a year. While the international account disclosure requirement has been around for 45 years since […]

International tax compliance has become so complicated it sometimes seems like a constant crossword puzzle of acronyms and obligations. If you live abroad, have foreign accounts, or meet other criteria, the intricacies of FATCA, FBAR, FinCen, Form 8938 are in play, carrying the potential to trip you up. In this post, we will use a […]

Competing laws can make for confusing situations. For many people in the Washington, D.C., area, trying to find the balance becomes something of a way of life. This may be particularly true for green card holders who have financial ties that reach around the globe. On one hand, the current political turmoil over immigration makes […]

During the 2017 tax season, the MD Comptroller suspended a total of 54 tax preparers who have been involved in potentially fraudulent behavior. Among the suspicious activities are: Business income reported when taxpayers did not own a business. Refund amounts requested much higher than previous year tax returns. Inflated and / or undocumented business expenses. […]

U.S. taxpayers with more than $10,000 in a foreign financial account at any time during the calendar year are required to report foreign financial interests on Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Since the financial crisis in 2008, the government has increased its attention to overseas […]

Leanne Fryer Broyles, Esq. Most people are familiar with the concept of a “spendthrift”- a person who is recklessly wasteful with his or her spending. While the spendthrift trust bears the name of the type of person for whom it was designed, its modern purpose is much broader. Anyone leaving substantial means to their beneficiaries […]

A tax audit is essentially an accounting procedure that examines your financial records to ensure you filed your tax return accurately. If the IRS finds errors or purposeful mis-reportings, you’ll have to pay the recalculated return amount and any interest. The IRS can choose to audit your tax return for a number of reasons, including: […]

Late last month Treasury Secretary Steven Mnuchin announced what he said was one of the largest sanctions actions every taken by Treasury’s Office of Foreign Assets Control (OFAC). The sanctions are aimed at 271 employees of the agency of the Syrian government believed to have been involved in chemical weapons attacks. These individuals are now […]

Living outside the U.S. can have many benefits, both cultural and financial. But in terms of complying with U.S. tax laws, expatriates carry more burdens, not fewer, than taxpayers who live in the U.S. In this post, we will use a Q & A format to address the issue of tax compliance for U.S. citizens […]