FBAR Archives | Briefly Taxing

American Dream

Guest Post: Make Your American Dream a Reality

Guest Writer: Michael Longsdon of ElderFreedom.net* Immigrants moving to the United States often have their hands full with immigration paperwork, assimilation into their new communities, and even tax considerations. Despite these challenges, many come with a vision of the American dream. Use this guide to help you make your American Dream a reality! Down to Business Many new transplants are eager to find a way to support loved ones back in their home country. Sometimes,

Scott St. Amand May 4, 2022

Delinquent International Information Return Submission Procedures

Reporting Your Foreign Interests – Taxing, Briefly

If you are a U.S. citizen or resident with interests abroad, whether in a bank account, in an entity, or in other financial assets, then it is very likely that you must report these interests to the U.S. government each year. If you have not done so, the penalties can be astronomical. Nonetheless, the IRS offers programs to come into compliance. Do you understand what you should about reporting your foreign interests? The filing requirements are

Scott St. Amand May 19, 2021

Cousin Elmer

A Primer on the FBAR Filing Requirements

Cousin Elmer, Squirrels, and Foreign Inheritances Cousin Elmer has seven and a half fingers and a score of little scars on remaining fingers, a reminder of an attack by a scurry of squirrels (yes, that is the name for a group of squirrels, and now you know) that had beset upon him after he tried, rather unsuccessfully, to eradicate their presence in his attic through the use of what can only be described as a

Scott St. Amand April 29, 2021

5% Miscellaneous Offshore Penalty

The Streamlined Filing Compliance Procedures

In an increasingly common occurrence, a client calls in somewhat of a tizzy over foreign information returns, which, apparently, she was “required” to file for the past few years. She’s gone to three different CPAs, only the last one of which even asked her whether she had foreign assets or interests. Her new CPA, one of the good ones, inquired about any foreign relationships that she might have, and she disclosed a Swiss bank account,

Scott St. Amand April 29, 2021