Tax Litigation Law Office of Scott Kauffman
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offshore accounts Archives

Automatic extensions of FBAR filing deadlines

The Financial Crimes Enforcement Network (FinCEN) – a department in the Treasury – is ending the year with something of a gift for taxpayers with international financial holdings. In the past, the June 30 deadline to file a disclosure did not coordinate with other well-known tax deadlines and taxpayers were not allowed extensions.

Offshore accounts: 7 years & $10 billion in collections

U.S. taxpayers are required to pay taxes on their global income. Since 2009, the IRS has devoted significant resources to investigate and prosecute those who failed to disclose or pay tax on income derived from these offshore holdings.