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Category: FBAR

The Benefits of IRS’s Streamlined Procedures for Reporting Foreign Accounts

Given its limited resources and ability to detect foreign assets, accounts and income, the IRS has offered various voluntary programs to entice taxpayers to come clean and report this information. The IRS’s OVDP program and the more recent streamlined procedures are two examples. The Maze v. Internal Revenue Service, Nos. 15-1806 (D.D.C. 2016), highlights several[…]

The post The Benefits of IRS’s Streamlined Procedures for Reporting Foreign Accounts appeared first on Houston Tax Attorney: Texas Lawyer.

Published August 4, 2016
Categorized as FBAR, foreign account, foreign bank account, Recordkeeping, Tax Blog, Tax Law Blog, tax reporting

Online Payment Account Triggered FBAR Filing, Poker Websites Did Not

In Hom v. United States, No. 14-16214 (9th Cir. 2016), the court addressed whether an online payment account and whether poker websites triggered FBAR filing requirements. FBAR Filing Requirements Taxpayers with an interest in or authority over certain…

Published August 3, 2016
Categorized as FBAR, foreign filing, foreign reporting, IRS Penalties, penalties, Tax Blog, Tax Law Blog

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