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  1. NLBorrelaar
    • CommentAuthorAnjaLuesink
    • CommentTimeSep 14th 2009 edited
    Hieronder een nieuwsflash over een actuele IRS regulering – de ‘foreign bank account reporting’ en de hoge penalties die je kunt krijgen als je niet voor 23 September aangifte doet.


    Dear Friends,
    As a financial planner I sometimes receive information that might be important to you. One of these recent developments is the Foreign Bank Account Report (FBAR) requirement.

    Here is my own story. I have interest-bearing foreign bank accounts and every year I gave my tax advisor the information about my foreign income which he reported on my US tax return. As a US resident (green card or visa holder) you have to pay tax on your worldwide income. If you paid tax on the earned interest in a foreign country you will get a tax credit.

    However, my tax advisor never told me that I have to file a separate form with the IRS to provide information about my foreign bank accounts. I discovered there is this requirement if the value exceeds $10,000. Also, retirement accounts, life insurance, annuities and any financial interest or signature authority require reporting. The reporting is done on a Form TD F 90-22.1 and has to be filed before June 30 of the following tax year with the US Treasury.

    The IRS is stepping up the enforcement of this rule in a push to recover some of the billions of dollars lost each year to offshore tax evasion. The penalty for those who have inadvertently failed to report foreign income, even just a few hundred dollars, can be as much as $10,000. For willful tax evaders the penalty can be much higher.
    If you didn’t know about this rule, the IRS allows you to come forward voluntarily before September 23 and file the form. If you reported your income and explain that you were not aware of the filing requirement, there won’t be a penalty if you file by that date.

    How will the IRS ever find out? Foreign banks have to provide information about bank accounts of US residents to the IRS. The reporting requirements are very complicated and this is the rea¬son that many foreign banks do not offer bank accounts to US residents. My Dutch bank just told me they will close my account.

    If you have foreign bank accounts and your tax advisor didn’t pay attention to this rule, you might be in non-compliance with the IRS rule. Check your tax return, Schedule B, whether you (or your tax advisor) reported that you have foreign bank accounts. If it is checked ‘yes’ ask whether the form TD F 90-22.1 has been filed. If it is not checked then download it here: pub/irs-pdf/f90221.pdf and file it before September 23. Good luck!

    If you have any questions, please don’t hesitate to contact me.
    Best regards, Anja

    Independent Fee-Only
    215 Park Avenue South, Suite 1402
    New York, NY 10003
    Phone: 212-405-1609
  2. NLBorrelaar
    Las net op de IRS website dat

    ..."The IRS announced a one-time extension of the September 23, 2009 deadline for special voluntary disclosures by taxpayers with unreported income from offshore accounts. Taxpayers now have until October 15, 2009. There will be no further extensions."

    Dat is dus voor degene die hun inkomsten niet hebben opgegeven.

    Geldt deze extension ook voor degene die hun (buitenlandse) inkomsten wel hebben opgegeven maar geen FBAR hebben ingevuld?
  3. NLBorrelaar
    The deadline is for special voluntary disclosures of unreported income on foreign accounts.
    It is the government's primary purpose to collect unpaid taxes for the past 6 years. If you have foreign accounts and in any tax year, at any point, the combined balance is over $10,000, you need to report.

    If you did report your income, but didn't file the form, you could get a penalty of $10,000. You have to file it as soon as possible according to the instructions on the form (send to Department of Treasury, Post Office Box 32621, Detroit, MI 48232-0621) and attach a statement explaining why the reports are filed late. The IRS will not impose a penalty for the failure to file the FBAR if you were not aware of the filing requirement.

    As every situation is different, the best is to discuss this with your tax advisor.
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