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FBAR Compliance and Disclosure FAQ

March 25, 2014

Undisclosed foreign accounts: What exchange rate to use

Convert foreign currency by using the foreign currency exchange rate at the end of the year. Contact my office to schedule a reduced rate initial consultation to […]
March 25, 2014

Filed amended returns without making a Voluntary Disclosure

A set of delinquent FBARs all arriving at the Detroit Computer Center might provoke a penalty examination with the attendant risks of criminal prosecution. Under the […]
March 25, 2014

What is an FBAR?

The FBAR is not a tax return, but an informational report filed with the U.S. Department of Treasury stating that the person filing has a financial […]
March 25, 2014

2012 Offshore Voluntary Disclosure Initiative Objectives

The IRS has been completely reorganized around the perception that a large portion of the tax gap, the difference between tax dollars collected and the estimate […]
March 25, 2014

What is required to make a valid voluntary disclosure?

Legal Income — the voluntary disclosure policy has always been available only to taxpayers who have legal source income. Thus, any undeclared accounts that hold the proceeds […]
March 25, 2014

Characteristics of FBAR voluntary disclosures

Regardless of the underlying reasons for the establishment of the foreign account, most of FBAR voluntary disclosures made to date have a number of common characteristics: […]