FBAR News For US Expats

What is an FBAR?

FBAR stands for ‘Foreign Bank Account Report’, a reporting requirement for Americans who have a total of over $10,000 in foreign financial accounts at any time during a year.

FBAR News

Foreign financial accounts include most kinds of bank and investment accounts. Americans who qualify have to report their accounts by filing FinCEN Form 114 online. Find out more here.

IRS FBAR Voluntary Disclosure Program vs Quiet Disclosure

IRS FBAR Voluntary Disclosure Program

“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 […]