Saturday, June 21, 2014

Tax Intelligence: New IRS offshore amnesty program- Monday, June 9, 2014

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.



If you find yourself in non-compliance with these regulations for
previous years, there are some remedies that you can benefit from...read more: http://taxintelligence.blogspot.com/2014/06/new-irs-offshore-amnesty-program.html

2 comments:

  1. You have a very good blog that the main thing a lot of interesting and useful!

    Pic Bonus Scheme

    ReplyDelete
    Replies
    1. Thank You Leona, Call on me any time:

      All of my web & blog links, articles, photos, videos, references, info and contact
      tel. #'s - US & EC. are all below:

      Thank you!
      Jack Abercrombie,
      journeymanjack.com@gmail.com
      see Ecuador: http://JourneymanJack.com/

      toll free from U.S. & Canada:
      770-828-7913 or 770-872-4104,
      Ecuador Off: 011-(593) 2-349-0348,
      Claro: 011-(593) 98-806-6508,
      Movistar: 011-(593) 98-743-3009,
      Talk free on "skype" user name: "Jack.Abercrombie"

      call Iridium Satellite Phone from the US & Canada:
      011-8816-2146-2897, (In Emergency)
      call Iridium Satellite Phone from within EC:
      00-8816-2146-2897, (In Emergency)

      Fb: http://www.facebook.com/JourneymanJackinEcuador

      Blog: http://journeymanjackinecuador.blogspot.com/

      You Tube: http://www.youtube.com/channel/UCzl4rnxszGXGXEn-WY91hzg

      Linked: http://www.linkedin.com/in/jackabercrombie

      twitter: https://twitter.com/CatManDoTractor

      My google maps - saved places - frequented in EC:
      https://maps.google.com/maps/ms?msid=212187393968777541090.000479e892ce8f4227992&msa=0

      Photos of the Transport - Tour Vehicle: 2011 Kia K2700 Diesel 1.5 Ton 4wd / 4dr / half mini van /
      half truck: https://plus.google.com/photos/108089047953129234429/albums/5684719527378323953?banner=pwa

      RELOCATION SERVICES TO ECUADOR - TOURS TO ECUADOR - JOURNEYMAN JACK:
      http://latinamericacurrentevents.com/ecuador-relocation-and-tour-services-journeyman-jack/32020/

      Delete