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Archive by Month: July 2016

OVDP or Streamlined? Which Reporting Method Should You Choose?

Offshore Account Update

Posted on July 29, 2016

If you are a U.S. citizen and you have foreign accounts, you have to file tax returns and report those accounts to the IRS. U.S.-connected individuals, including those who reside abroad, can face consequences for failure to file tax returns, report foreign and U.S. sourced income, and report their offshore accounts.

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Filing Your First FBAR

Offshore Account Update

Posted on July 26, 2016

U.S.-connected individuals must tell the IRS about foreign accounts held at offshore banks if they have a total of $10,000 or more across all of their accounts at any point over a one-year period. Taxpayers have to tell the IRS about these accounts by filing an annual Report of Foreign Bank and Financial Account (FBAR). The deadline for filing FBARs was June 30, 2016 this year and forms could be filed electronically.

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