The Foreign Account Tax Compliance Act is fundamental as it affects how you report your finances, especially as an expat abroad. FATCA is why you may need to file a Report of Foreign Bank and ...
A district court granted summary judgment against a taxpayer, enabling enforcement of civil penalties for nonwillful failure to timely report his financial interest in certain foreign bank accounts.
The Court of Federal Claims ruled that a taxpayer’s failure to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), was willful, as she concealed her income and avoided learning ...
Under the Bank Secrecy Act, U.S. taxpayers must file an FBAR (FinCEN Form 114) if their foreign financial account balances exceed $10,000 in aggregate at any point during a calendar year. A failure to ...
Certain individuals who have only signature authority over foreign financial accounts now have until April 15, 2022 to file the Report of Foreign Bank and Financial Accounts. In Notice 2020-1, FinCEN ...
Many tax professionals are experiencing clients coming out of the woodwork this year to discuss foreign bank accounts and what they should do about them. The clients have become concerned about ...
The Financial Crimes Enforcement Network is allowing some extensions and exemptions to its new requirements that all FineCEN reports be filed electronically starting July 1, 2012, while pushing back ...
Retirement plan fiduciaries may have another acronym to worry about—FBAR—which is another name for the Report of Foreign Bank and Financial Accounts. A client advisory from the Washington, D.C.-based ...
Certain individuals who have only signature authority over foreign financial accounts now have until April 15, 2020, to file the Report of Foreign Bank and Financial Accounts. In Notice 2018-1, FinCEN ...
On July 31, 2015, President Obama signed into law H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the Act). The Act made several key tax law changes in ...
What crypto owners should know if crypto accounts fall within the new Foreign Bank and Financial Accounts regulations. The United States Department of Treasury is again sharpening its sword upon ...
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