How to File Your FBAR and Avoid Huge Penalties

May 19, 2011 Tax News 2 Comments Print this page Share

The Report of Foreign Bank and Financial Accounts Form TD F 90-22.1 ("FBAR") is due June 30, 2011.  This form must be filed by a United States person with a financial interest in or signature authority over a foreign financial account if the total value of all of the accounts exceeded $10,000 at any time during the year.  This form is merely an information form.  There is no tax due with this return.

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How Does the Statue of Limitations Affect Tax Obligations With the IRS?

April 14, 2011 Tax News 2 Comments Print this page Share

The statute of limitations limits the time during which an action can be brought by the IRS for an audit and the time for IRS tax collection activities.  Generally, there is a 3-year period for the IRS to give you a refund, three years to audit your tax return, and ten years to collect any tax due.

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