International Tax Division: FBAR, OVDI, Foreign Offshore Assets
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FBAR International Tax OVDI


Lance Wallach


FBAR and international tax are hot issues that are costing people a lot of money. If you don’t do it right you will have IRS problems. Be careful who helps you. It may cost you a lot of money, or in the extreme time in Jail.
U.S. citizens with financial interest or signature authority over any foreign financial account (including bank, brokerage, securities, or other types of financial accounts) located outside of the United States, are required to report that information each year. Since most, if not all, U.S. citizens residing in a foreign country have a foreign bank account for their ordinary banking activities, they are subject to this same reporting requirement. If a person is required to file FBARs retroactively, they only have to file them for the last six years. The statute of limitations for assessing FBAR penalties is six years from the due date of the FBAR.
To read More Click:
http://smartretirementplans.blogspot.com/2012/05/fbar-international-tax-ovdi.html 


FBAR OVDI offshore tax issues

Lance Wallach
 In 2012 the IRS announced another offshore voluntary disclosure program (the 2012 OVDI). These programs offer reduced penalties in exchange for taxpayers’ voluntarily coming into compliance before the IRS is aware of their prior tax indiscretions.  
To Read More Click Link Below:
http://www.hg.org/article.asp?preview=1&id=28764


Fbar-REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS

To Read More:http://www.irs.gov/pub/irs-pdf/f90221.pdf 


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