Besides the FBAR (the Report of Foreign Bank and Financial Accounts, Form TD F 90-22.1, warning it is a PDF) the single most “oops I forgot” form that I see for regular human being clients is Form 3520. Gifts received from nonresidents aren’t reported properly. Or at all. Something tells me (warning! PDF) that the [...]

It brings to mind Emily Litella.  “Never mind,” says the IRS. The IRS just announced that — despite the changes to the FBAR instructions made effective January 1, 2009 — nonresidents do not have to file Form TD F 90-22.1.  Only citizens, U.S. residents, and domestic entities need to do so. Announcement 2009-51 Temporary Suspension [...]

I just talked to someone at the IRS office in Philadelphia about some voluntary disclosure client matters. I have a pipeline of these things going right now. All the cool kids are turning themselves into the IRS, reporting their offshore bank accounts, and paying their taxes! Anyway, there isn’t much guidance in this area at [...]

Mr. Obama has proposed a massive revision to the U.S. tax law’s treatment of international transactions. Don’t worry about the details for now. You don’t need to know them to start to understand what is happening. You just have to look at the likely effects that common sense can predict. British bankers announce they are [...]

Here’s an interesting problem. I think some nonresidents of the United States are now required to file a form with the U.S. government reporting their worldwide bank accounts to Uncle Sam. Read this and tell me what you think. Old Instructions, New Instructions First, go get the new Form TD F 90-22.1. (PDF). This is [...]