Mortgage Forgiveness Debt Relief in California

Even though the economy is beginning to slowly regain strength, many homeowners are still finding themselves underwater on their mortgages due to the substantial drops in home values that have occurred over the last five years. For some, the answer is foreclosure, loan modification, or short sale. Prior to 2007, forgiven mortgage debt was considered [...]

What Is Foreign Bank Account Reporting?

Form to file. The form is called Form TD F 90-22.1 Foreign Bank Account Report -or- FBAR. When to file. The FBAR for the 2011 tax year is due June 30, 2012. Who must file. U.S. citizens and residents including individuals, corporations, partnerships, trusts and estates who have a financial interest in or signature or [...]

Do You Have Foreign Financial Asset Accounts Exceeding $50,000 in Value?

With the passing of the Hiring Incentives to Restore Employment (HIRE) Act, comes new filing requirements for 2011.  Called the Foreign Account Tax Compliance Act (FATCA), these new stipulations apply in addition to Foreign Bank Account Reporting and pertain to A) Foreign Financial Asset Account Holders and B) US Shareholders of Passive Foreign Investment Companies [...]

Foreign Bank Accounting Reporting – Form TD F 90.22.1 – Voluntary Disclosure

A New Focus on Foreign Bank Account Reporting For over 40 years, foreign bank account (FBAR) reporting has been existence. Yet, the IRS has only recently started enforcing taxpayer compliance. With this new IRS focus, we felt it necessary to provide details on how to be compliant. If you have a financial interest or a [...]