Guide to Reporting Foreign Financial Accounts

A lot of people are seriously worried about the U.S. economy. They are so worried they are looking for ways to move some assets outside the U.S. -- just in case.

Some Americans are putting money into

an offshore trust, and/or
a foreign limited liability company, and/or
a foreign annuity, and/or
a foreign variable life insurance policy, and/or
a foreign bank account, and/or
a business in other countries.

A few are even moving offshore to live and work for a few years. And an increasing number of U.S. citizens and permanent residents (green card holders) are asking about the new rules for expatriating.

But venturing offshore exposes
you to a lot of confusing tax rules.
Failing to comply with those rules
could result in really severe and
costly penalties.

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There is a lot of non-sense and outright fraud on the Internet regarding international asset protection and related international tax issues.

Those who assure you that you can save taxes with a foreign bank account, foreign trust or foreign corporation (IBC) are either lying or they are glossing over some serious legal obstacles and practical problems.

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Guide to Reporting
Foreign
Financial Accounts

by Vernon K. Jacobs, CPA

the name, address, birthdate and ID # of those with either a financial interest in the account(s) or signature authority over the accounts, and

the name and full address of the foreign financial institutions and the account number of each financial account, plus

the maximum balance in each account during the calendar year.

This is the most extensive source of information available on the subject of the foreign bank account reporting form TD F 90-22.1 (FBAR)

Plus the 2010 Thirty Page Update

Or -- Send a check/money order to Offshore Press, Inc., PO Box 8137, Prairie Village, KS 66208.

Table of Contents

Preface to the Second Edition
Introduction
Highlights of the Form
Instructions & Comments
History of the FBAR form
2009 Changes in the FBAR form
Tax Preparer Obligations
Filing Exceptions
Penalties for not filing
Requesting a penalty waiver
Questions and Answers by VKJ
IRS Answers to FBAR Questions
from tax professionals
Summary of Answers
An IRS Presumption
Hiding Money Offshore by
Jay Adkisson, Esq.
Appendix:
=> U.S. Code, Title 31, Sect. 103
=> Title 31, USC Sec. 103.24
=> US Code Section 5314
=> US Code Section 5322
=> Jobs Act Statement of Mgrs.
=> Internal revenues Manual; Section 4.26.16
=> U.S. Tax Court Jurisdiction
=> Proposed Increase in Reporting Leel and Due Date
=> Internet Resources
=> About the author
=> Other publications by Vernon Jacobs
=> Copy of 2008 FBAR Form
=> End Notes
=> 2010 Supplemental Update

Review Copies

Review copies will be provided to Editors and Columnists of recognized media. Send requests by email to jacobs1 (at) kc.rr.com

About the Author

Vernon K. Jacobs

Vernon Jacobs is a CPA who limits his services to matters involving international tax law. He is a member of the Foreign Bank Account Task Force of the International Tax Technical Resource Panel of the American Institute of CPAs. The task force to provide guidance to CPA members to help them with the reporting requirements for the FBAR form.

Jacobs is the author and co-author of numerous books and monographs on international tax law and asset protection. He is the Author of the Jacobs Report on International Financial Planning -- a free ezine through which he responds to questions from the 1600+ members of a Yahoo group.

Further information about the author is available at www.vernonjacobs.com