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FBAR-OVDI REPORT
June 2013 |
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| Foreign Bank Accounts |  |
By Lance Wallach
Offshore Banking is currently under great scrutiny by the US Justice department and the IRS. Offshore bank accounts and offshore income require special reporting to the US government. Owning an offshore account is not illegal, but US income taxpayers are required to declare and report any offshore bank accounts and income each year with their tax returns. The FBAR or Foreign Bank Account Report is used to report a financial interest in or authority over offshore accounts in a foreign country. The willful failure to disclose offshore accounts, or to report all of the information required on an FBAR, can result in severe civil and criminal penalties.
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"Individuals who fail to file the FBAR will face serious civil and criminal penalties as well as the possibility of criminal prosecution. If ever there was a sense of urgency, it is now."
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 | FBAR Prosecution Warning - | 
"For those individuals who have yet to come forward and report their foreign income, as well as the existence of their foreign accounts, the clock is ticking for FBAR . "Individuals will face serious civil and criminal penalties as well as the possibility of criminal prosecution. If ever there was a sense of urgency, it is now!"
Over the past several years the Treasury Department has been increasing its enforcement initiatives with respect to unreported offshore income as well as its investigation of unreported foreign financial accounts.
On February 14, 2013, the U.S. Department of the Treasury announced the signing of a bilateral agreement with Switzerland to assist it with the implementation of the information reporting and withholding tax provisions, commonly known as the Foreign Account Tax Compliance Act (FATCA).
According to Acting Secretary of the Treasury, Neal S. Wolin, the announcement "marks a step forward" in the Treasury's efforts to work with foreign governments in order to combat offshore tax evasion and to flush out those taxpayers who have decided to wait and see what happens rather than proactively addressing their compliance issues in the form of participation in the Off Shore Voluntary Disclosure Program or by taking other compliance measures.
To Read More Click Link |
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Reminder: FBAR Filing Due by June 30
Forbes
BEWARE - If you had any interest in a foreign financial account at any time during calendar year 2012, you may have an obligation to file an FBAR by June 30, 2013!
U.S. persons having a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account may be required by the Bank Secrecy Act to report their interest in the account to the IRS by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). A U.S. person may have a reporting obligation even though the foreign financial account does not generate any income.
If a U.S. person had such a financial interest or signature authority at any time during calendar year 2012, the FBAR must be received by the Department of the Treasury on or before June 30, 2013. The FBAR is not filed with the federal income tax return. The granting by the IRS of an extension to file federal income tax returns does not extend the due date for filing an FBAR. The June 30th filing date may not be extended.
More You Should Know...
Before travelers head out on their European vacations, they need to understand some unsettling facts. The first is that 350 Swiss banks have agreed to share information with the IRS, including the names behind the alter egos of companies that people have traditionally used to avoid detection.
"The second thing they should understand is if they have not properly reported their income, and properly filed their FBAR forms, there is only one way to come clean with the IRS.
"That is the Offshore Voluntary Disclosure Program, or OVDP, and if they have not entered into the program yet, they need to retain help immediately."
Criminal prosecution may not be the biggest issue that people who have hidden accounts from the IRS have to worry about. Civil penalties may be even more of a problem.
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