The United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently reported an extension to the Report of Foreign Bank and Financial Accounts (FBAR) deadline. The agency, which oversees this form, notes the extension is the result of...
Reporting Offshore Holdings? Watch out for an Audit.
In recent years, the IRS has devoted vast resources to compel taxpayers to report and pay taxes on offshore assets. As a result of these efforts, the IRS has recovered billions in unpaid taxes. Perhaps the most widely-known tool the IRS uses is the Offshore Voluntary...
Supreme Court of Israel temporarily delays transfer of tax information to United States
The Foreign Account Tax Compliance Act, or FATCA, has major implications for people with dual citizenship in Israel and the United States. Under FATCA, foreign financial institutions are to provide account information for taxpayers holding more than $50,000 in foreign...
