Foreign Bank Account And Financial Accounts Reporting If you own or are listed as a signer on foreign bank or financial account(s), it must be reported annually if the aggregate balance of the account(s) was equal to or greater than $10,000 USD at any point during the year. Failure to do so may result in
international tax
RJS LAW San Diego Welcomes Of Counsel Andrea Cisneros Valdez
June 24, 2021 Andrea Cisneros Valdez has joined RJS LAW San Diego as an Of Counsel attorney. Ms. Cisneros Valdez brings her experience and knowledge to the firm’s Estate/Tax Planning, and Controversy Practice Groups. SAN DIEGO, CALIFORNIA – RJS LAW is pleased to announce Andrea Cisneros Valdez has joined the San Diego office as an Of
IRS OVDI – Role of the Attorney in the Voluntary Disclosure Process
Role of the Attorney in the Voluntary Disclosure Process An attorney that specializes in taxes can be a great resource to those who are seeking to rectify the non-disclosure status of any foreign accounts and/or income. Although participation in the Voluntary Disclosure program reduces the likelihood that the IRS will pursue further civil and criminal
Quiet v. Voluntary Disclosure
IRS OVDI – Quiet v. Voluntary Disclosure In some cases, a taxpayer who has previously unreported foreign income may decide to amend their tax returns in order to avoid some of the harsh penalties involved with non-disclosure rules. They also pay any past due penalties and interest that has accrued based on this new unreported
What to Do if You Have an Undeclared Foreign Bank Account
IRS OVDI – I have an undeclared foreign bank account. What do I do? Ownership of an undeclared foreign bank account can cause the average American taxpayer to feel a sense of impending doom. Due to the many disclosure laws that have been implemented over the years, and the potential fines and criminal penalties they
IRS OVDI – Foreign Income and Foreign Bank Accounts Reporting Requirements
IRS OVDI Due to the globalization of the world’s economy over the last few decades, many Americans are receiving an ever increasing amount of income from foreign sources. Some of this income is held in oversea banks and other financial institutions. However, due to both the use of foreign financial transactions in funding terrorism, and