IRS Focuses on the FBAR

Article:  FBAR has graduated from a little-known filing requirement to a priority issue that should be at the top of every tax return preparer’s checklist
Published on January 28, 2011

FBAR Extended for Certain Persons

Article:  ...foreign bank accounts, the maximum value of which in aggregate is over $10,000 at any time during a year, must file a Form TD F 90.22-1, FBAR, by June 30 of the following year. Recent changes to
Published on January 28, 2011

FBAR Penalties Reduced for Six Months

Article:  The IRS has provided a framework for voluntary disclosure requests containing offshore issues, such as previously undisclosed foreign financial accounts and entities.
Published on January 28, 2011

IRS Extends FBAR Filing Date for 2008 Filings

Article:  ...62 that it is extending for certain taxpayers the due date for filing calendar-year 2008 Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). Because Treasury is still working out various FBAR filing issues, it has decided to give certain taxpayers until
Published on January 28, 2011

AICPA News Update Vol.12 No.31

Newsletter:  IRS Extends FBAR Filing Deadline for Certain Persons, Biggest Changes to Compilation and Review Services Since 1978 May Be Ahead; Hear What’s Proposed, Follow XBRL from Birth to Present; AICPA Releases...
Published on June 24, 2011

AICPA News Update Vol.12 No.24

Newsletter:  IRS Temporarily Relieves Foreign Taxpayers of June 30 FBAR Filing Requirement; Deadline Remains for Others, Members in Business and Industry: FASB’s GAAP Codification Launches July 1, FASB Issues Two New Standards on Securitizations, Special-Purpose Entities, Auditing...
Published on June 24, 2011

Report on Foreign Bank and Financial Accounts Compliance and Controversy

Article:  In recent months, concern over who is required to file the FBAR has escalated among taxpayers and tax practitioners alike. Along with stepped-up enforcement by Treasury and the IRS, this has made for a very interesting and challenging period in...
Published on January 28, 2011

Report of Foreign Bank and Financial Accounts Significant Revisions and Severe Penalties

Article:  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.
Published on January 28, 2011

FBARs and Not-Yet-Reported Offshore Income Penalties and Practitioners Issues

Article:  This item considers (1) options available for the client that did not disclose under the IRS’s voluntary disclosure program, which ended October 15, 2009; (2) practitioners’ responsibilities, including tax organizers and engagement letters; and (3) items suspended and/or extended to the June 2010 due date.
Published on January 28, 2011

New Form 926 Return by a U.S. Transferor of Property to a Foreign Corporation

Article:  This article focuses on the history and purpose of Form 926 and describes changes that were made effective beginning in December 2008.
Published on January 28, 2011