5 Lessons Learned From Tax Season

May 5, 2013 Tax News 0 Comments Print this page Share

  

Another Tax Season has come and gone.  Here are the 5 Lessons Learned from this Tax Season.

 

1) Don’t Pass Tax Legislation on December 31

Congress passed the American Taxpayer Relief Act on December 31, 2012.  It’s clear that no one voting on it read it, much less understood it. The timing of this legislation was not good.  Due to the late passage of this bill the IRS was … Continue reading »

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The Difference Between the FBAR and IRS Form 8938

May 15, 2012 Tax News 0 Comments Print this page Share

 

Investors with offshore accounts must be familiar with the filing requirements of the FBAR and IRS Form 8938.

FBAR

Any U.S person with offshore accounts that had more than $10,000 in them any time during the year must file Form TD F 90-22.1, the so-called FBAR (Report of Foreign Bank and Financial Account).  A U.S. person includes individuals, partnerships, corporations and estates and trusts.  This form must … Continue reading »

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