Don’t fret if you missed the April 18 deadline for reporting foreign accounts. You have an automatic six-month extension (until Oct. 16) to file the FBAR for 2016. U.S. taxpayers with foreign accounts whose aggregate value exceeded $10,000 at any time in 2016 are required to electronically file FinCen Form 114 to report them.
And for taxpayers with undisclosed overseas accounts from prior years…
Keep in mind IRS’s voluntary disclosure program, which lets account owners come in, fess up and pay any back taxes and a penalty to avoid criminal charges.

IRS Gives Grace After All

by | Jul 27, 2017 | IRS, Tallahassee Tax Service, TallyTaxMan | 0 comments