If you are a US resident with foreign bank accounts and foreign rental property, there is a hidden twist that may radically increase FBAR penalties. This problem usually arises when an individual inherits a foreign account and foreign rental property, or owns these items prior to moving to the US. Continue reading
Children born outside of the US who have at least one US citizen parent may be surprised to learn that they are US citzens — and have always been required to file US tax returns, FBAR forms and Form 8938. (They may qualify for FBAR penalty relief under the procedures outlined in IRS release IR-2012-65.) Continue reading
On January 9, 2012, the IRS announced a new Offshore Voluntary Disclosure Program (“2012 OVDP”), which effectively extends (with several changes) the 2011 program that ended on September 9, 2011. Continue reading
What was formerly implied is now stated directly — there is now penalty relief for most US citizens residing in Canada or overseas who failed to file Treasury Forms 90-22.1. Continue reading
You can leave the US, but it will cost you……
In a prior post I described the US exit tax on US persons who renounce their citizenship or green card status and move overseas. Two recent examples are Eduardo Saverin (co-founder of Facebook) and Denise Rich (songwriter and husband of a billionaire commodities trader). A recent CNN article describes the exit tax on Ms. Rich.