About Peter Pappas

Peter is a tax attorney and certified public acccountant with over 20 years experience helping taxpayers resolve their IRS and state tax problems.

He has represented thousands of taxpayers who have been experiencing difficulty dealing with the Internal Revenue Service or State tax officials.

He is a member of the American Association of Attorney-Certified Public Accountants, the Florida Bar Association and The Florida Institute of Certified Public Accountants and is admitted to practice before the United States Tax Court, the United States Supreme Court, U.S. District Courts - Middle District of Florida

Comments

  1. Catherine T says:

    I confuse about reading all these offshore banking. Are the Foreign Bank in the country where we live oversea consider to be an Offshore bank?

  2. Catherine,

    I assume you file a U.S. tax return.

    If so, you must report your foreign bank accounts on FBAR TD 90-22.1.

    This could be a big problem if you’ve held that account for several years without filing.

  3. Good information on the FBAR Voluntary Compliance. From what I understand the IRS is going to be very aggressive in pursuing violators and the potential penalties of non-compliance are devastating!

  4. FBAR,

    Thanks for the comment.

    You are correct. The IRS is going to be aggressive in pursuing non-compliers and the penalties are absurd.

  5. “well, we all know theirs huge benefits to register a company in Cyprus, lol. My account pointed me to a few blogs on the net which i’m rather reluctant to check out as i’ve been so busy lately”

  6. I believe FBAR disclosure is neccesary if aggregate accounts exceed USD10,000, correct?

  7. Wouldn’t it possible for someone to withdraw all the money from their account before the irs realizes its existence?

  8. No. The financial institution has records.

    And it’s a felony not to report the income earned from the foreign account.

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