Navigation Links
Foreign Bank Account Owners to Report Financial Account & Assets by June 28th for 2012 or File a FBAR Amnesty to Avoid IRS Financial and Criminal Penalties
Date:7/22/2013

Plano, Texas (PRWEB) July 22, 2013

June 30, the deadline for the filing of the Report of Foreign Bank and Financial Accounts or FBAR to the IRS, is fast approaching. Sam Thakkar of Perfect Tax states, "Any U.S. resident with an aggregate balance of $10K has to file a FBAR by the 28th of June instead of the 30th as the latter date falls on a weekend. Failure to do so can lead to heavy financial penalties, criminal prosecution, and seizure of property."

Consider these 10 rules for filing a FBAR:

1. Worldwide income must be reported on the taxpayer's U.S. tax return if he or she is a U.S. resident. These include H1, L1, green card holders, citizens, and those with dual citizenship.

If the taxpayer has an interest in a foreign bank or financial account, the individual must see to it that it is reflected in Schedule B of the 1040 Tax Return, even if he or she has lived outside the U.S.

Click here to know more about a FBAR Amnesty

2. All U.S. persons with foreign bank accounts exceeding a deposited amount of $10,000 at any time during the year must file a FBAR every 30th of June.

These include following assets:

  • Bank accounts
  • Stocks/demat accounts
  • Mutual funds
  • Life insurance policies
  • Join accounts with parents, siblings or anyone
  • Rental property value or any other income producing asset

June 30th deadline for FBAR

3. With a tax return, the taxpayer also needs to file an IRS Form 8938 to report foreign accounts and assets.

Click here to know about FBAR vs. 8938 and on what should be filed<
'/>"/>

Source: PRWeb
Copyright©2012 Vocus, Inc.
All rights reserved

Page: 1 2 3 4

Related medicine news :

1. Foreign multidrug resistant bacteria contained in Toronto hospital
2. TrendSource Introduces TTY/TTD and Foreign Language Interpreter Service Call Monitoring to CMS Compliance Audit Programs
3. MileageAds Ad Network Now Invites Foreign Currency Exchanges and Currency Brokers to Join Network
4. Scott Sheldon LLC Taps into Foreign-Trade Zone Value for Supply Chain, Partners with Foreign-Trade Zone Corporation (FTZ Corp)
5. ‘A Foreign Nurse’s Guide To America’ Helps Nurses Looking To Relocate
6. Study says screening accounts for much of black/white disparity in colorectal cancer
7. Policies to discourage drug trafficking should account for complexity of the game
8. Alcohol problems account for a quarter of Scottish intensive care unit admissions
9. Johns Hopkins team finds ICU misdiagnoses may account for as many annual deaths as breast cancer
10. The cost of glaucoma care: Small group of patients accounts for large part of costs, study finds
11. NJ Accident Lawyers at Console & Hollawell React to New Motorcycle Crash Data from the U.S. Government Accountability Office
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/22/2014)... By Maureen Salamon ... -- A crucial part of conventional in vitro fertilization (IVF) ... can instead take place in a device inside the vagina, ... Colombia contend that the device, called an INVOcell, might sharply ... could also make the technology more accessible to those who ...
(Date:10/22/2014)... HealthDay Reporter TUESDAY, Oct. 21, 2014 ... while working for NBC News in Liberia has cleared ... unit at Nebraska Medical Center in Omaha, where he had been ... A blood test confirmed by the U.S. Centers for Disease Control ... Providence, R.I., NBC News reported Tuesday night. "Recovering ...
(Date:10/20/2014)... October 20, 2014 Allegheny General Hospital’s ... that enables physicians to repair a damaged mitral valve ... MitraClip system, developed by Abbott Vascular , ... progressive and life-threatening condition in which the heart’s mitral ... flow backward from the heart’s left ventricle into the ...
(Date:10/20/2014)... 2014 Women’s health specialist, Dr. Amber ... Gynecology of Columbus, Inc., A Division of MaternOhio Clinical ... more than 100,000 patients annually. Dr. Murphy will provide ... stages of a women’s life. She is accepting new ... Westerville and Dublin. , Dr. Murphy offers a wide ...
(Date:10/20/2014)... (PRWEB) October 20, 2014 Zereana Jess-Huff, a ... Mrs. Maryland 2014 on a platform to think outside the ... and uses her position to raise awareness about women’s other ... for breast cancer. You say the color pink and everybody ... know for a fact that it has not been won ...
Breaking Medicine News(10 mins):Health News:Experimental Infertility Treatment Seems Effective, Cheaper 2Health News:Experimental Infertility Treatment Seems Effective, Cheaper 3Health News:Experimental Infertility Treatment Seems Effective, Cheaper 4Health News:U.S. Cameraman Treated for Ebola 'Free' of the Virus 2Health News:U.S. Cameraman Treated for Ebola 'Free' of the Virus 3Health News:Allegheny General Hospital Introduces New, Beating-Heart Procedure for Mitral Valve Repair 2Health News:Allegheny General Hospital Introduces New, Beating-Heart Procedure for Mitral Valve Repair 3Health News:OhioHealth Welcomes New Women’s Health Specialist to MaternOhio Specialists in Obstetrics & Gynecology of Columbus, Inc. 2Health News:OhioHealth Welcomes New Women’s Health Specialist to MaternOhio Specialists in Obstetrics & Gynecology of Columbus, Inc. 3Health News:Ovarian Cancer Survivor Mrs. Maryland Urges Media to Think Outside the Bra 2Health News:Ovarian Cancer Survivor Mrs. Maryland Urges Media to Think Outside the Bra 3
... of Cost-Effective High-Quality Home Infusion Can be ... WASHINGTON, March 5 Patients on Medicare ... Johnny Isakson (R-GA) and Representative Eliot L. ... a flaw in the Medicare program which ...
... YORK (March 5, 2009) -- Two highly lethal viruses that ... established drug used to prevent and treat malaria, according to ... Medical College in the Journal of Virology . Due ... advance of the first April print issue. , The two ...
... of Nutrition and Physical Activity at the Indiana State ... GoTrybe.com to provide Indiana kids and teens with a ... fun. Young Hoosiers can enjoy FREE memberships to the ... www.GoTrybeIN.com . A 2007 Youth Risk Behavior Survey showed ...
... the commercial printing superstore was honored for ecommerce expertise when President ... the online version of the highly respected Entrepreneur magazine. , ... ... selected Mr. Del Chiaro for the interview based on his proven ...
... on annual listOAKLAND, Calif., March 5 ... been recognized by DiversityMBA ... was ranked No. 1 in the publication,s fourth annual ... Diverse Managers to Work," which will hit newsstands in ...
... don,t offer emergency contraception pills to adolescents who ... because of misinformation about how the medicine works, ... of Philadelphia. Improved physician education may increase prescription ... said. Researchers surveyed 291 members of the ...
Cached Medicine News:Health News:Patients, Senate, House Members Identify Significant Medicare Savings While Increasing Quality of Patient Care 2Health News:Patients, Senate, House Members Identify Significant Medicare Savings While Increasing Quality of Patient Care 3Health News:Drug blocks 2 of world's deadliest emerging viruses 2Health News:Drug blocks 2 of world's deadliest emerging viruses 3Health News:GoTrybe.com Launched in Indiana to Promote Children's Health 2Health News:My1Stop.com President Michael Del Chiaro Interviewed by Entrepreneur.com for ecommerce Expertise 2Health News:Kaiser Permanente Recognized as Best Place for Diverse Managers 2Health News:Kaiser Permanente Recognized as Best Place for Diverse Managers 3Health News:Research Says Better Physician Education Would Improve Hospital Prescription of Emergency Birth Control to Teens 2Health News:Research Says Better Physician Education Would Improve Hospital Prescription of Emergency Birth Control to Teens 3
(Date:10/22/2014)... Oct. 21, 2014   BioNano Genomics , ... genomics research centers to purchase an Irys™ System ... National Cancer Institute (NCI), NIH Intramural Sequencing Center (NISC) ... Irys, obtaining a comprehensive view of a genome ... (NGS) does not deliver the scalability or reliability ...
(Date:10/22/2014)... 2014 InVivo Therapeutics Holdings Corp. (OTCQB: NVIV) ... revolutionizing spinal cord injury (SCI) treatment with their novel ... in tissue regrowth in the spinal cord area when ... FDA approved polymer, the scaffold ultimately breaks down to ... human body. NVIV has recently attracted significant investor attention ...
(Date:10/22/2014)... Calif. , Oct. 22, 2014  AcelRx ... announced that results from the  IAP310 study have ... Medicine (RAPM), a peer-reviewed journal with broad, ... 3 trial evaluating the safety and efficacy of ... tablet system (SSTS), for the treatment of post-operative ...
Breaking Medicine Technology:BioNano's Irys System Adopted by Leading Genomics Centers for Comprehensive Detection of Human Genome Structural Variation 2BioNano's Irys System Adopted by Leading Genomics Centers for Comprehensive Detection of Human Genome Structural Variation 3InVivo Therapeutics Analyst Coverage Initiated: Analyst Report by BrokerBank Securities, Inc. 2InVivo Therapeutics Analyst Coverage Initiated: Analyst Report by BrokerBank Securities, Inc. 3AcelRx Announces Publication of Zalviso Phase 3 Abdominal Trial Results 2
Hudson Drill hand drill....
Hudson Brace, snap lock chuck....
Binocular operation microscope with innovative mechanism for smooth operation....
... has pioneered the development of ... system, an innovative solution that ... efficient and less invasive. The ... the OME-7000 surgical microscope, the ...
Medicine Products: