07/05/2016
FBAR is an acronym for Foreign Bank Account Report. Every American who has a minimum of $10,000 in total in overseas bank or other financial accounts at any time during a tax year has to file an FBAR every year, whether they live in the States, or abroad. A little history The Bank Secrecy Act […]
06/28/2016
With the 2015 FBAR deadline now upon us, what are the possible consequences for Americans with foreign bank accounts who haven’t filed? What is it? FBAR is an acronym for the Foreign Bank Account Report. It is meant to prevent people from avoiding taxes by hiding their wealth abroad. In practice this means declaring foreign […]
02/08/2016
Many of our clients confess to some confusion (or lots!) about whether they have to complete Form 8938, FinCEN Form 114, or both, so we’d like to shed some light on the situation. What are they? IRS Form 8938 is required under the Foreign Account Tax Compliance Act or FATCA for reporting assets held abroad. […]
02/08/2016
The Foreign Bank Account Report (known as FBAR) obliges all US citizens and green card holders with foreign bank accounts that contain a total between them of at least US$10,000 at any time throughout the tax year to file a form (114) to the IRS. At the end of last month, President Obama signed into […]
02/05/2016
Recently the FBAR (Foreign Bank Account Report) and FATCA (Foreign Account Tax Compliance Act) filing requirements have generated quite a bit of controversy, as they pertain to the recent IRS crackdown on financial assets in overseas accounts. FATCA in particular has caused some uproar since going into effect in March 2010, as foreign financial institutions […]
02/04/2016
FBAR is the Foreign Bank Account Report. FBAR requires that if you have a foreign financial account or even signature authority over a foreign account, then you must file an FBAR Report. It is the Form TD F 90-22.1. Foreign financial accounts include bank accounts, brokerage accounts, mutual fund, trust or other types of foreign […]
02/04/2016
“It remains uncertain whether the IRS would or could effectively pursue those residing outside the United States in any realistic manner.” “Could the government actually carry their burden of demonstrating that the taxpayer “willfully” violated the FBAR filing requirements?” … U.S. taxpayers residing in the United States having previously undisclosed interests in foreign financial accounts […]