U.S. citizens and Green card holders living in Canada or otherwise outside the United States may have FBAR filing obligation. If the aggregate maximum value or the balance of your foreign financial accounts exceeds US $10,000 during the calendar year, you are generally required to file FinCEN Form 114: Report of Foreign Bank and Financial Accounts (FBAR).
In March 2018 the IRS made an announcement of titanic proportions. It will be ending the Offshore Voluntary Disclosure Program (OVDP) effective from September 2018. This announcement pertaining to the IRS ending OVDP, a program that was first introduced in 2009 and has undergone several subsequent revisions, …
The clock is ticking and hiding from IRS continues to be more complicated than ever. Delinquent U.S. taxpayers are being flagged by the Department of Homeland Security when crossing the U.S. border and face potential detention, questioning, embarrassment, and other follow-up actions from the IRS.
