Americans Abroad And Financial Planning In A FATCA And FBAR World – LJ Eiben

The Importance Of Financial And Retirement Planning – It’s Not Easy For Americans Abroad Americans abroad are severely disabled by the US tax and regulatory regime. As a result they need to plan more carefully and they have fewer options that those who are not US citizens. I reached out to LJ Eiben of Raymond […]

FinCEN Changes FBAR Deadline Again AND AGAIN

Republished with permission. This post was written by Helen Burggraf and originally appeared on October 16, 2020 on the American Expat Financial News Journal website. Another Update October 19, 2020 – The Filing Deadline Is Now October 31, 2020 BREAKING, continued: (FinCEN) has now posted an explanation for its removal of its surprise Oct.16th announcement […]

Circa 2014 – A trip Down Memory Lane: #FBAR #FATCA And The Use Of Non-US Banks

This 2014 hearing held by the US Senate on Permanent investigations is very interesting.It features Senators Levin and McCain and includes discussion of tax evasion, Swiss banks, tax treaties, FATCA the Offshore Voluntary disclosure programs and more. The logic of the United States is approximately this: Homeland Americans use non-US bank accounts. Americans abroad use […]

Exercising broad regulatory authority, US Treasury has clarified the meaning of “resident” for #FBAR Purposes

Introduction – Looking For Mr. FBAR Attention – as a U.S. Citizen your primary obligation of U.S. citizenship is to: "Report Early! Report Often! Report Everything! Keep a record of what you report!" @VlJeker and @Expatriationlaw go "Looking For Mr. #FBAR": — John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) February 8, 2020 […]

Like FBAR, Form 8938, Form 3520 and Form 5471 – Canada has its own foreign asset reporting rules

Prologue Last week I received a call from one of the many Americans abroad living (not hiding out) in Canada. He did NOT know about his U.S. tax obligations. Therefore, he has not been filing U.S. taxes. Interestingly, he had a portfolio of U.S. stocks (foreign to Canada) which were providing him with a consistent […]

When a US citizen marries a non-citizen – AKA The #FBAR Marriage: Filing status, joint ownership of assets, income, gift and estate tax issues

Thanks to @VlJeker for participating in this video series. Again, the most important question of our age is: "Is it the U.S. citizen or is it the non-citizen that is the source of the problem in the #FBARMarriage?" Your thoughts? — John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) February 7, 2019 Marriage […]

Mr. Bedrosian (a pioneer in FBAR history) meets Mr. #FBAR: The good, the bad and the ugly

Why the Arthur Bedrosian meeting with Mr. FBAR is important Synopsis: The Bedrosian FBAR case is an incredibly important victory for taxpayers. Judge Baylson first ruled that FBAR “willfulness” in the “civil” context did NOT require knowledge that filing an FBAR was a legal duty (the criminal standard). He then ruled that Mr. Bedrosian’s failure […]

U.S. "culture of penalty" and inflation: First, inflation used to increase the size of #FBAR penalty base and then to increase the size of actual penalties

Introduction: Penalty as a part of American Culture "U.S. tax, form and penalty club": Google "IRS penalty as part of American culture" and see a wide range of results — Citizenship Lawyer (@ExpatriationLaw) June 25, 2017 The above tweet links to a wide range of examples of America’s culture of penalty. The purpose of […]

Mr. Pomerantz meets Mr. #FBAR in the Homeland: The "willful" FBAR penalty requires proof of "willfulness"

Looking for Mr. FBAR This is one more in a series of posts discussing the FBAR rules. The FBAR rules were born in 1970, laid virtually dormant until the 2000s and then were then unleashed in their full “ferocity” on U.S. persons. A good review of the history of Mr. FBAR is here. A discussion […]