Guide to Reporting
Foreign
Financial Accounts
by Vernon K. Jacobs, CPA
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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
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Offshore Press -- Your objective
resource for global financial and tax planning
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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
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
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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.
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Sponsored by Offshore Press, Inc
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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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