Tax Preparers Indicted for Tax Fraud Using Israeli Bank Accounts
Tax Preparers Indicted for Tax Fraud Using Israeli Bank Accounts
Due Date for Filing Foreign Bank Account Reports (FBAR) is Coming Up
The deadline for filing a Report of Foreign Bank and Financial Accounts (FBAR) is approaching and the taxpayers should file their FBAR forms (Form TD F 90-22.1) for the 2011 tax year no later than June 30, 2012.
Credit Suisse Provides IRS Data of U.S. Citizens with Undisclosed Swiss Accounts
Credit Suisse has provided U.S. investigators with the information related to U.S. account holders.
Recent Developments in Offshore Tax Arena
This case is another example of the government’s efforts to crack down on the offshore tax evasion and enforce FBAR rules. Although not every case where a foreign bank account was not properly reported bears a high risk of criminal prosecution, those type of situations are very sensitive and taxpayers with undeclared foreign bank accounts are encouraged to consult tax attorneys in order to evaluate their options.
IRS Requires US Banks to Report Nonresidents’ Interest Income
New IRS Rules will require U.S. banks to report interest payments to nonresident aliens starting January 1, 2013.
Deadline for Electronic Filing of FBARs Postponed
The Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced that electronic filing (e-filing) of TD F 90-22.1, Report of Foreign Bank and Foreign Accounts (FBAR), won’t be required until June 30, 2013.