Foreign Bank Account Reports – FBAR Lawyers, Former IRS – Free Tax Advice – FBAR Experts
FBAR is here to stay.IRS has found a pot of gold at the end of this FBAR rainbow.
The IRS and the U.S. Department of Treasury will make a living from FBAR alone. FBAR, Foreign Bank Account Reporting is paying the bills of the Treasury.
The Feds have collected over $4 Billion big ones so far and that they say is just the tip of the iceberg. Much more is coming, the more tax treaties the more money. When Lichtenstein falls it all goes.
The IRS is hiring more agents and gearing up their computer system CADE 2 to find tax cheats and tax evaders through their new computerized systems and it is working.
For years IRS has been getting by with 80’s technology and now with the new funding will catch up to modernization of modern day businesses and banks.
FBAR ( Foreign Bank Account Reports ) will not go away until the IRS sucks all the blood out of all the taxpayers who have the responsibility to file and report thru FBAR.
The Report of FinCEN, the definitive source for FBAR
Foreign Bank and Financial Accounts Report (FBAR) Responsibilities
“The Financial Crimes Enforcement Network (FinCEN) issued a rule that amends the Bank Secrecy Act (BSA) implementing regulations regarding the Report of Foreign Bank and Financial Accounts (FBAR).
The FBAR filing requirements, authorized under one of the original provisions of the BSA, have been in place since 1972.
The FBAR form is used to report a financial interest in, or signature or other authority over, one or more financial accounts in foreign countries. No report is required if the aggregate value of the accounts does not exceed $10,000.
On February 26, 2010, FinCEN issued a Notice of Proposed Rule making (NPRM) addressing the FBAR rules.
The final rule adopts the proposed changes with slight modifications.
The preamble to the new final rule explains FinCEN’s approach to issues raised in comments submitted in response to the NPRM from tax professionals and industry experts.
The preamble to the final rule: and I quote
explains whether an account is foreign and therefore reportable as a foreign financial account and addresses the treatment of custodial accounts in this context;
revises the definition of signature or other authority to more clearly apply to individuals who have the authority to control the disposition of assets in the account by direct communication (whether in writing or otherwise) to the foreign financial institution;
explains that an officer or employee who files an FBAR because of signature or other authority over the foreign financial account of their employer is not expected to personally maintain the records of the foreign financial accounts of their employer;
and also,
advises filers that they may rely on provisions of this final rule in order to determine their filing obligation for FBARs in those cases where filing was properly deferred under prior Treasury guidance.”
What the taxpayer should do re: (Foreign Bank Account Reports – FBAR)
Each taxpayer is responsible for their own reporting and financial disclosures to the IRS. At the present time IRS is giving grace to certain individuals where tax fraud is not involved. There will be a period of time in the near future in which the IRS will no longer forgive non-filers and delinquents.
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Foreign Bank Account Reports – FBAR Lawyers, Former IRS – Free Tax Advice – FBAR Experts
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