The IRS Audit Blog

Posts Tagged ‘fbar’

How A $200,000 UBS Account Grew Into A $21 Million Penalty

Secret offshore deposit grew for decades before octogenarian came clean. Now the government has 80%

The IRS Foreign Account Amnesty and RRSPs

Question: Reporting of Foreign Bank and Financial Accounts (FBAR) for U.S. resident aliens?

According to the link http://www.irs.gov/pub/irs-pdf/f90221.pdf any United States person(including resident aliens which I am) who has a financial interest in or signature authority, or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year, must complete Treasury Department Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, and file it with the Department of the Treasury.

1. My funds in my home country’s banks are held in a joint savings account with my mother. Does that amount count toward calculating the 10K or not?

Answer: You have authority over those funds, so the full amount on deposit there is included and must be reported.

Several folks are misinterpreting the suspension of reporting. You are a resident so you must file the reports.

IRS 2010 Milestones

Here’s my own not very scientific list of ten highs and lows we taxpayers saw in 2010, mostly from t

IRS Offshore Account Amnesty: What if you don’t owe any tax?