What’s All The Fuss About Undisclosed Foreign Accounts? Hosted with the Hawaii International Real Estate Council.
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8/5/2016
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When:
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Friday, August 5, 2016
9:00 AM
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Where:
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Oahu Contry Club
150 Country Club Road
Honolulu, Hawaii
United States
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Contact:
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HIREC
HIREC@hawaiirealtors.com
(808) 733-7060, ext. 0
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« Go to Upcoming Event List
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n 2003, Husband and Wife in Hawaii received a letter from IRS stating that they had failed to file the FBAR form to report the existence of their joint bank account in Hong Kong in the 2 previous years. They immediately went to their accountant, who prepared the 2 FBAR forms for them. After filing the forms, H&W received a letter from IRS notifying them that IRS asserted a late filing penalty for each year and demanded that H&W send to IRS the total amount of penalties equal to 100% of the funds in their Hong Kong bank account.
If you do not understand why they were subjected to this confiscatory penalty by IRS for simply failing to file the FBAR form, then you should make sure to attend the upcoming presentation. Mike Garcia,Esq. was successful in getting IRS to withdraw its FBAR penalties. We are honored to have Mike speak at the HIREC & FIABCI USA meeting to help educate us on the latest developments in IRS international enforcement of tax and undisclosed foreign accounts.
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