IRS: 'Cryptocurrency accounts to be included in FBAR reports'

The last few weeks have seen the price of Bitcoin soar, accompanied by a roar of commentary from those who see it, and other cryptocurrencies, as the future.  

This latest round of Bitcoin mania was kicked off earlier this month, when (Bitcoin fan) Elon Musk's car company, Tesla, announced in an SEC filing that it had bought US$1.5bn worth of the cryptocurrency, and that it would also begin accepting Bitcoin in payment for its products... 

  • Tax

'Making FBAR matters simple: For U.S. expats and/or their FBAR-preparers'

Virginia La Torre Jeker, a Dubai-based U.S. expat tax law practitioner and well-known blogger on American tax issues, will hold a one-and-a-half-hour-plus, live online training session for FBAR preparers and/or their clients on March 16, accompanied by Jimmy Sexton, another international tax expert who is also based in Dubai. 

  • News

Are the FBAR regs fit for purpose – FinCEN wants to know by next Friday

FinCEN, the U.S. Treasury Department bureau that's responsible for overseeing the receipt of Foreign Bank Account Reports, is inviting comments "on the proposed renewal, without change, of existing information collection requirements concerning reports of foreign financial accounts and... Report[s] of Foreign Bank and Financial Accounts (FBAR)".

  • Tax

FinCEN changes FBAR deadline again (updated) – it's now Oct. 31

The U.S. Financial Crimes Enforcement Network has quietly removed from its website its surprise announcement, posted Oct. 14, that the final deadline for  Foreign Bank Account Report (FBAR) filings had been moved to Dec. 31, from Oct. 15.

Instead, it has clarified that the extended Dec. 31 FBAR filing deadline applied only to "victims of recent natural disasters", such as "victims of the California wildfires, the Iowa Derecho, Hurricane Laura, the Oregon wildfires, and Hurricane Sally".

But it has nevertheless now moved the deadline for everyone else back to Oct. 31 – in other words, extended it by two weeks.

  • News

What visitors to the U.S. should know about the secretive Mr. FBAR

The introduction of the Foreign Bank Account Report (FBAR) requirement in 1970, as a result of the Bank Secrecy Act of that year, may well be one of the most enduring legacies of the Nixon administration, says John Richardson, a Toronto-based lawyer who helps Americans with citizenship issues. Here, he reveals a little-known aspect of what the fine print of the FBAR legislation actually says, with respect to non-Americans who travel to the U.S., and who happen to have bank accounts back home...

FBAR deadline pushed back to Dec. 31; What the FBAR is, and why it matters

Editor's note: The news about the date when FBARs for the year ending on Dec. 31, 2019 are due has changed.
Please see our most recent report on this subject.

As U.S. tax experts will tell you, today, Oct. 15, is the extended deadline for all U.S. expats to have their 1040 tax returns filed; and, until yesterday, it was also "FBAR Day." Which is to say, the day when FBARs for the year ending Dec. 31, 2019 were also due. 

As of yesterday, though, FBAR Day has been pushed back to Dec. 31, 2020, according to a notice posted on the website of the Financial Crimes Enforcement Network, which oversees FBARs, (even though the IRS handles tax returns).... 

  • News

Record penalties sought in California in latest major FBAR case

The U.S. Internal Revenue Service is seeking what is said to be a record US$119.6m in penalties over what it has claimed in California district court documents were violations of the FBAR regulations, which require Americans to disclose their overseas financial accounts above a certain amount each year.

  • Tax

Events listing

The American Expat Financial News Journal's regular listing of events taking place around the world, and online, for American expatriates. 

Saturday, October 23: Moodys Tax Law LLP complimentary webinar on U.S. citizenship renunciation for Americans who are resident in Canada, the Caribbean and Latin America; 1 pm – 3:30 m, EDT/AST

The latest in Canada-based Moodys Tax’s ongoing series of webinars on U.S. citizenship renunciation – which, due to the ongoing Covid-19 situation globally, the firm is sponsoring in lieu of the live citizenship renunciation seminars it has traditionally held in key expat markets around the world.

This particular webinar will be aimed specifically at American expats living in Canada, the Caribbean and South America, and will be presented by Moodys Tax director of U.S. tax law, Alexander Marino. It will take place on Saturday, Oct.23rd, beginning at 1pm Eastern Daylight Time.

Topics to be addressed will include how Americans looking to renounce their citizenships might best minimize the costs involved, and how to ensure that one is able to re-enter the U.S. in the future without a problem.


The seminar is expected to last about two-and-a-half hours. For more information and to register, click here.

Wednesday, October 27: 'North American Expats in France Financial Forum" webinar, sponsored by Dunhill Financial; 6pm – 7pm Paris time, 5pm – 6pm BST; between noon and 1pm on the East Coast of the U.S.

Durin this free one-hour Zoom webiar, expat American wealth adviser Brian Dunhill, French property expert Adrian Leeds, and American Citizens Abroad executive director Marylouise Serrato will discuss some of the key things an American considering moving to France (or already there) needs to know.

According to Dunhill, this webinar represents the latest in a series of such one-hour online events that have been held on the fourth Wednesday of every quarter of 2021 thus far.

Each has covered a different topic having to do with the general topic of “What makes France an attractive place for U.S. expats,” and features guest speakers, such as U.S. tax accountants, mortgage brokers and other professionals, who are best able to address the matter under discussion.

This coming week’s session will be on the specific subject of “Why it’s so great to retire in France.”

Presentations by the event’s scheduled speakers will be followed by a Q-and-A session.

To register in advance for this webinar – which the organizers request that all their would-be attendees do – click here. (Upon registration, you'll receive a confirmation email containing information about joining the meeting on the day.) 

Dunhill Financial LLC is regulated by the U.S. Securities and Exchange Commission, and is still the only SEC-regulated member of the Federation of European Independent Financial Advisers, which it joined in 2016. The firm is affiliated with the Nexus Global IFA network, a division of Blacktower Financial Management (International) Ltd., licensed and regulated by the Gibraltar Financial Services Commission. 

The Adrian Leeds Group is a France-based real estate agency, founded and run by American expat Adrian Leeds.  

The American Citizens Abroad is a non-profit, non-partisan organization based in Washington, DC, and exists to help Americans who live overseas. It was founded in 1978 in Geneva, Switzerland, and moved its headquarters to the U.S. in 2012.

 

 

This webinar will look at issues of special concern to North American expats who live in France. Participants will include Dunhill Financial founder and chief executive Brian Dunhill, and French property expert  Adrian Leeds. Further details will be posted closer to the date. 

To register in advance for this webinar, click here. Upon registration, you'll receive a confirmation email containing information about joining the meeting on the day.

To view YouTube videos of previous Dunhill Financial events having to do with France and other topics, click here.

If you have an event  that you'd like to have listed here, please contact  editor@anemoscreative.com. 

 

 

 



If you have an event  that you'd like to have listed here, please contact  editor@anemoscreative.com. 

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Opinion

Tax Research's Richard Murphy: The real Pandora Papers message – 'Offshore's big issue now is the fight to save democracy'

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The world – including its banks, cross-border financial services institutions and even many governments – has come a long way since the Richard Murphy and others founded the Tax Justice Network in around 2003...

Oct-08-2021