tag:blogger.com,1999:blog-6398232680738279469.post3299765075573236850..comments2024-03-12T07:30:17.846-07:00Comments on The Tax Times: Florida Banks Explain 2013 IRS Reporting Rule For ForeignersRonald A. Marini, Esq.http://www.blogger.com/profile/14304486100168506240noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-6398232680738279469.post-46395306926631054012012-09-11T14:02:13.620-07:002012-09-11T14:02:13.620-07:00Other Reasons for Florida Bank's diminishing d...Other Reasons for Florida Bank's diminishing deposits?<br /><br />We read a newsletter from Foodman CPAs & Advisors (www.foodmanpa.com) where they indicate that there are high value accounts where clients have presented their banks with documentation that currently identifies them as U.S. Citizens and/or residents and yet, their banks, have erroneously classified and reported them as Foreign Resident accounts leading to inaccurate IRS reporting.<br /><br />Where these banks came clean and reported their non compliance in past reporting and account opening procedures, they would open themselves up to possible reviews and sanctions. Alternatively, they could quietly close these accounts and hope that a Regulatory Examination does not discover these non compliant accounts.<br /><br />The clients whose accounts have been closed, are possibly in tax non-compliance. They are U.S. taxpayers whose deposits have been inaccurately reported by their US Bank for a number of years. As U.S. citizens or residents they should quickly get back into compliance through amended returns or Voluntary Disclosure. <br /><br />They should not have FBAR issues since their unreport income is NOT from a Foreign Bank Account.<br /><br />If you are a US Taxpayer who is non compliant, contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).<br />Ronald A. Marini, Esq.https://www.blogger.com/profile/14304486100168506240noreply@blogger.comtag:blogger.com,1999:blog-6398232680738279469.post-61387084183470750232012-09-06T10:49:47.325-07:002012-09-06T10:49:47.325-07:00It is important to point out that the new rule app...It is important to point out that the new rule applies only to individuals. Therefore, legal entities (e.g., partnerships, foundations, corporations) would be exempt from the new reporting obligations. <br /><br />Posted by Carlos Soto Raynal, TEP <br />Ronald A. Marini, Esq.https://www.blogger.com/profile/14304486100168506240noreply@blogger.com