Guide to Reporting
Foreign
Financial Accounts

by Vernon K. Jacobs, CPA
 

The U.S. government wants U.S. persons (individuals and legal entities) to give them the details of their foreign bank or other financial accounts. Enforcement is "encouraged" by means of very heavy penalties for even minor infractions.

The information required includes ...

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.

The rules are brief and ambiguous and the exceptions are buried in the fine print.  But the potential penalties for a failure to disclose offshore financial accounts are severe -- even if the failure is not intentional. 

The 2009 Guide to Reporting Offshore Financial Accounts by Vernon Jacobs is the most extensive source of information available about the requirements to disclose foreign accounts and the various legal exceptions that are available.

The Guide includes an update of new IRS interpretations and instructions as of Mid April, 2010. The Update can be purchased separately, but it is included with an order for the complete guide, which is about 180 pages.

The foreign account information gives the government the ability to identify everyone who has money or financial accounts outside the U.S. and the information is available to federal, state and local law enforcement officials with virtually non-existent privacy protection.

However, there are legal exceptions to having to file this report (TDF 90-22.1) and many taxpayers are confused about what constitutes a  financial account, a foreign account, a financial interest, an indirect interest or signature authority.  This book explains these and other related terms in plain English.

This extensive 180 page book includes the full text of the applicable laws, the Form TD F 90-22.1, IRS instructions and selected (non repetitive) information from over 100 web sites that include information about the Foreign Financial Account Report.

The guide also includes answers to dozens of questions received by the author from members of the Jacobs Report who have posed questions regarding the requirements for filing the report about their foreign financial accounts. It also includes IRS answers to questions from tax advisors during a national phone forum in late 2007 and a copy of the related part of the Internal Revenue Manual used by IRS field agents during audits.

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)

The e-book (digital) version is $49.  A PDF copy of the report will be delivered to your web browser within a minute (or less) after placing your order or it will be received by your "download" folder. 
(The e-book edition is recommended for international orders.) There are no restrictions on printing the e-book.

A printed edition is available for $67.00 which includes shipping via U.S. Priority mail in the U.S.  The printed edition of the report is  published in a three ring binder. Delivery usually takes from three to five work days.

A full copy of the report is also included in the International Wealth Protection Online Library, which includes all of the e-books, reports, newsletters and articles published by Offshore Press, Inc. Subscriptions to the online digital library are $240 for one year.

Those who prefer to order with a check or money order should send it to Offshore Press, Inc., PO Box 8137, Prairie Village, KS 66208

If you are disappointed with the book for any reason, we will refund your money without any hassle or delay.

Vern Jacobs
Offshore Press, Inc.


As required by U.S. Treasury Regulations governing tax practitioners, any written tax advice contained herein cannot be used by any taxpayer for the purpose of avoiding certain tax penalties that may be imposed under the Internal Revenue Code. For further details see http://www.offshorepress.com/vkjcpa/disclosurerules.htm


Offshore Press -- Your objective resource for global financial and tax planning






  Guide to Reporting Foreign Financial Accounts

Plus the 2010 Thirty Page Update


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


Your money back if you are not totally satisfied.



Book Specifications

2009 E-Book with 2010 Update
180 Pages (8.5 x 11) Single spaced, 12 point Arial Font

2010 Update (Digital PDF File)
30 Pages (8.5 x 11) Single Spaced, 12 point arial font

2009 Printed Book with 2010 Update
The printed edition is distributed in a 3 ring binder (8.5 x 11) and is delivered by U.S.P.O. priority mail. Postage is included for orders in the U.S.A. The digital (eBook) edition is recommended for international orders.


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

Caution:  While the information in this web site is believed to be from reliable sources and is believed to be accurate, it is not intended to represent legal, tax or financial advice for any reader of any part of this web site. Due to frequent changes in the laws, new court cases and differences of opinion among professional advisors, readers should not rely on this information without the help of a qualified professional advisor.


Sponsored by Offshore Press, Inc . Copyright,  2010 All rights reserved. Offshore Press, Inc., Box 8137, Prairie Village, KS 66208. (913) 362-9667. Book images by Angela Farley.     Email to Offshore Press. ,
Vernon K. Jacobs, Web Author
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