Tax Intelligence: New IRS offshore amnesty program: The IRS is now working on creating a path specifically for otherwise honest people who want to comply with their U.S. tax obligations, ...
FATCA. If you
hold assets over $50,000 in a bank account or any other kind of
financial assets outside the US during the year, you need to report it.
This reporting goes with your regular income tax return deadline April
15. IRS imposes a penalty of $10,000 if you fail reporting and $10,000
for each month thereafter up to a maximum of $60,000. Criminal charges may also apply.
FBAR. If
you hold assets over $10,000 in a bank account or any other kind of
financial assets outside the US during the year, you need to report it.
This reporting requirement is in addition to FATCA. FBAR reporting goes
separately of your income tax return and its deadline is June 30. It is
an online filing only. IRS imposes a penalty of $10,000 if you
unwillfully omit this reporting. If wilfully, you will be subject to a
penalty of $100,000 or 50% of your holdings in foreign accounts,
whatever is greater. Criminal charges may also apply.
