2006 Guide to Reporting
Offshore (Foreign)
Financial Accounts
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The government wants U.S.
persons to give them the location and even the account number of every
offshore (foreign) financial bank, investment or other financial
account. 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 2006 Guide to
Reporting Offshore Financial Accounts by Vernon Jacobs is the
most extensive source of information about the requirements to disclose
foreign accounts and the various legal exceptions that are available.
U.S.
citizens, permanent residents and U.S. legal entities are required to
disclose the location
and
account number of all foreign financial accounts for which they have a
financial interest or signature authority to the U.S. Treasury
Department on or
before June 30th following the end of the preceding calendar
year.
However, there are 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.
In addition, the IRS instructions on the income tax returns do not
provide information about the various exceptions that are
available. And, the very brief instructions to the Form TD
F 90-22.1 do not
provide much help with determining which types of assets may have to be
disclosed.
Questions about reporting foreign financial accounts have been the most
frequent of any topic by Members of the free Jacobs Report list
This extensive
62 page report includes the full text of the applicable laws, the Form
TD F 90-22.1 (printed edition only), IRS instructions
and selected (non repetitive) information from over 100 web sites that
include information about the Foreign Bank Account Report.
The guide also includes 57 answers to questions received by the author
from members of the Jacobs Report who
have posed questions regarding the requirements for filing the report
on
foreign financial accounts.
The e-book
(digital) version is $16. A MS Word copy of the report will
be delivered to your web browser with a minute (or less) after placing
your order. (The e-book edition is
recommended for international orders.)
A full copy of the report
is included in the International
Wealth
Protection
Online Library, which also includes all of the books, reports and
articles
published by Offshore Press, Inc. Subscriptions to the online digital
library are $120 for one year.
A 62 page printed
edition is available for $37.00 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.
Those who prefer to order with a check or
money order should send it to Offshore Press, Inc., PO Box 8194,
Prairie Village, KS
66208
If you are disappointed with the report for any reason, we will refund
your money without any hassle or delay.
Vern Jacobs
Offshore Press, Inc.
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Offshore Press -- Your objective
resource for global financial planning
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Purchase Price
Or -- Send a
check/money order to Offshore Press, Inc., PO Box 8194, Prairie
Village, KS 66208.
Your money back if
you are not totally satisfied.
Book Specifications
62 Pages (8.5 x 11)
Single spaced, 12 point Arial Font
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 included for orders in the
U.S.A. The digital (eBook) edition is recommended for international
orders.
Table of Contents
Introduction
Highlights of the Form
Instructions & Comments
History of theFBAR form
Filing Exceptions
Penalties for not filing
Requesting a penalty waiver
57 Answers to questions
An IRS Presumption
Internet Resources
Copy of Form (Printed edition)
Title 31, USC Sec. 103.24
US Code Section 5314
US Code Section 5322
Jobs Act Statment of Mgrs.
Hiding Money Offshore by
Jay Adkisson, Esq.
About the author
End Notes
Review Copies
Review copies will be provided to Editors and Columnists
of recongnized media. Send requests by email to
vernjacobs@yahoo.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 International
Tax Technical Resource Panel of the American Institute of CPAs and
serves as the chairman of a task force on providing guidance to members
in the preparation of the form 5471 for U.S. shareholders of foreign
corporations.
Jacobs is the author of numerous books and monographs on international
tax law and asset protection and is the Editor of the Jacobs Report on International Financial
Planning -- a free ezine through which he responds to questions
from members of the list.
Further information is available at www.offshorepress.com and at
www.vernonjacobs.com and at www.itcgpros.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. |
Sponsored by Offshore Press, Inc
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Copyright, 2006 All rights reserved. Offshore Press, Inc., Box
8194, Prairie Village, KS 66208. (913) 362-9667. Book images by
Letters, Etc.. Email
to Offshore Press. ,
Vernon K. Jacobs, Web
Author.
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