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EP020: The FBAR, Penalties and Ever-Changing Tax Laws
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Many expats are unaware of the IRS requirement of filling out a Foreign Bank Account Regulation form (FBAR) during tax time. Not understanding the requirement does not make a tax payer immune to the penalties, taxes and interests that commonly follow when the IRS figures out an expat did not file. Proper planning with an accountant who is up-to-date on current tax laws can be an expat’s best defense against large, unnecessary penalties. The savings can be used to purchase additional tax-deferred assets like real estate.
Key Takeaways:
[1:11] How serious are the penalties if I fail to file the Foreign Bank Account Regulation (FBAR) document?
[3:08] FACTA regulations are making it difficult for expatriates to open bank accounts in foreign countries.
[6:20] Buying gold and silver will not make a taxpayer immune to paying the appropriate tax on the value.
[7:27] It’s much less to pay $200 to file the FBAR compared to the $10,000 IRS penalty.
[11:12] Morey’s goal is to get everyone the information so tax penalties and interest can be eliminated.
[14:57] Long-term employees prove that Glazer Financial will be around for your future.
[18:03] There are a lot of tax advantages in buying real estate.
Mentioned in This Episode:
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