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What is the Foreign Account Tax Compliance Act?
The Foreign Account Tax Compliance Act (FATCA) sets reporting requirements for both foreign financial insinuations and U.S. taxpayers who hold specified foreign assets. If your foreign financial...
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How Does Living Overseas Impact Your FBAR and FATCA Obligations?
U.S. taxpayers who live overseas may still have a Foreign Bank Account Report (FBAR) and form 8938 filing report for their foreign financial accounts. In general, your FBAR obligations will not be...
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When the 50 Percent Penalty Applies During Offshore Voluntary Disclosure
The Offshore Voluntary Disclosure Program (OVDP) normally comes along with an “offshore penalty” equal to 27.5 percent of the highest aggregate account balance of the previously unreported foreign...
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How to Avoid Big Fines for FBAR Violations
If you were previously unaware of your obligation to file Foreign Bank Account Reports (FBARs), you have a strong argument that your conduct was non-willful, which could qualify you for reduced...
View ArticleDennis Brager Published in Fox News Article
Recently, Dennis was interviewed by Fox News on his thoughts on Prince Harry and Meghan Markle’s move to North America and how it may impact their taxes. Below is an excerpt of the quote: “Basically...
View ArticleNot Just Another Covid-19 Announcement
Some of you may be concerned about the impact of the Coronavirus aka Covid-19 outbreak on your taxes, and those of your clients. The news from the IRS has been slow in coming. On Friday of last week...
View ArticleNot Just Another Covid-19 Announcement (Part II)
On Tuesday evening our tax lawyers sent out an announcement discussing some of the tax filing and payment implications of the Covid-19 virus. We indicated that Secretary of Treasury Mnuchin had...
View ArticleSBA Publishes Loan Forgiveness Form and Instructions for PPP Loans
Most, if not all, Payroll Protection Program (PPP) borrowers are focused on the question of whether they will be able to have their PPP loan forgiven. Many questions have arisen, and some but not all,...
View ArticleOur Tax Attorneys Have Good News if you Didn’t Apply for a PPP Loan by the...
PPP Loans are an excellent way for small businesses with Covid-19 related financial issues to obtain a very low (one percent) interest loan from the government. Unfortunately, if you haven’t applied...
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FBARs Are Due on April 15th This Year. Not the Income Tax Filing Deadline of...
UPDATE: You have until October 15th. The Internal Revenue Service issued a notice on April 9th reminding U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their...
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