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Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots
National Society of Accountants
Wealth Preservation Planning
by Lance Wallach, CLU, CHFC
This article originally appeared at hg,org.
US persons often avoid taxes by hiding money offshore The FBAR covers a calendar year and must be filed no later than June 30th of the following year and includes any interest a U.S. person has. The Bank Secrecy Act requires that a Form TD F 90-22.1,(replaced by FinCEN Report 114 in 2013) of Foreign Bank and Financial Accounts (FBAR), be filed if the aggregate balances of such foreign accounts exceed $10,000 at any time during the year.
This form is used as part of the IRS's enforcement initiative against abusive offshore transactions and attempts by: