FBAR Archives | EA Journal

Feature Article

The Two Biggest Conflicts of Interest Overlooked by Tax Professionals

Election years always serve as a reminder to avoid conflicts of interest. They also serve as a reminder that it is often easier to identify someone else’s conflict of interest than one... Amber Gray-Fenner, EA, USTCP

Summer 2024, Feature Article, OPR, ethics, Office of Professional Responsibility, entity, Circular 230, FBAR, Financial Crimes Enforcement Network, FinCEN, Foreign Bank Account Report, conflict of interest, §0.29(a), Enron, Arthur Andersen, Loving v. IRS, §7216, stakeholder

Feature Article

What Enrolled Agents Need to Know About Form 8300 and Digital Assets

Businesses who accept cryptocurrency (crypto) as payment and many tax practitioners who provide compliance services for those businesses were relieved to hear that the Internal Revenue Service (IRS) has delayed the require... Amber Gray-Fenner, EA, USTCP

Summer 2024, Feature Article, cryptocurrency, crypto, FBAR, Foreign Bank and Financial Accounts, Financial Crimes Enforcement Network, FinCEN, Social Security, Form 8300, §6050I, Non-fungible token, NFT, beneficial ownership information, BOI, U.S. Securities and Exchange Commission, SEC, §6045(g)(3)(D), decentralized finance, DeFi, Notice 2024-4, Infrastructure Investments and Jobs Act, digital assets, §183, Treasury Regulation 1.183-2

Feature Article

Tax Compliance for Refugees

“Give me your tired, your poor, your huddled masses yearning to breathe free…” – Emma Lazarus All... Mary Beth Lougen, EA, USTCP

Spring 2024, Feature Article, foreign, immigrants, FBAR, COVID-19, Form 114, earned income tax credit, EITC, child tax credit, Economic Impact Payment, Form 8858, Form 8938, Form 5471, Form 8865, Form 3520, Form 3520-A, nonresident alien, international information returns, §6013(g), §6013(h), §6428B, §6428, §7701(b)(1)(A), Form 8621, refugees, asylees, permanent resident, green card, humanitarian, visa, employment authorization document, EAD, §7701(b)

My EA Journey

From Expat to Entrepreneur to EA

I did not know it at the time, but my enrolled agent (EA) journey began in 2002 when my wife, Carrie, and I moved from the United States to Barcelona to pursue our Master of Business Administration (MBA) degrees. When we graduated in 2004, we... David McKeegan, EA

July/Aug 2021, My EA Journey, FBAR, expat, expatriate, international, COVID-19, pandemic, practice management, Foreign Bank Account Report, foreign earned income exclusion, FEIE, digital nomads, entrepreneur, financial crisis

Expert Notes

Do No Harm

As someone who has been in the tax game for over 40 years and exclusively in the world of international tax for the last 18 years, my company has flourished and prospered on the mistakes of others. In 2013, when I... Mary Beth Lougen, EA, USTCP

July/Aug 2021, Expert Notes, FBAR, expat, expatriate, international, practice management, Foreign Bank Account Reports, Circular 230 §10.35

Feature Article

Anti-Money Laundering: A Primer

The Problem Despite the prevalence of credit and debit cards, Cash App, and Venmo, cash still is, in many circles, king (or queen). As of November 11, 2020, there was US$2.01 trillion in circulation.Ellie Nava-Jones, EA

Mar/Apr 2021, Feature Article, immigrants, marijuana, FBAR, FinCEN, Form W-2, Colorado, cash-intensive business, Form 1099, AML, anti-money laundering, Financial Bank Account Reporting, PATRIOT Act, Form 8300, Bank Secrecy Act, CTR, SAR, BSA, Form 112, Form W-3, Schedule 1, Washington, TIN

Feature Article

Preparing an Accurate FBAR: Ten Common Mistakes

The failure to file an accurate and complete Financial Crimes Enforcement Network (FinCEN) 114, (Report of Foreign Bank and Financial Accounts (FBAR)) can result in serious penalties and consequences for a taxpayer. Unfortunately, the FBAR is one of those deceptively simple forms that does not appear to be complex due to the limited number of entries required. However, those unfamiliar with the form are prone to mistakes, as detailed rules ex... Randall Brody, EA

Nov/Dec 2017, Feature Article, tax, preparation, penalties, accurate, FBAR, common, mistakes, Foreign Bank and Financial Accounts, Financial Crimes Enforcement Network, FinCEN, Foreign Account Tax Compliance Act, FATCA