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Foreign Bank Account Holders Must File an FBAR by June 30 When Accounts Exceed $10,000 Per Year

Information provided by IRS FBAR Reference Guide.

What is an FBAR?

The Bank Secrecy Act (BSA) gives the Department of Treasury authority to collect information from United States persons who have financial interests in, or signature authority over, financial accounts maintained with financial institutions located outside of the United States. 1,470 more words

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On the Trail of the Elusive U.S. Expat Taxpayer

The U.S. State Department estimates there are about 7.6 million American expats living abroad, excluding military personnel, but the Internal Revenue Service typically hears from fewer than a million of them, indicating that many who owe U.S. 735 more words

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Over 50,000 Delinquent FBAR Filers Come Forward

natlawreview.com

Report of Foreign Bank and Financial Accounts

The latest numbers are in and they are impressive. Since 2009, over 50,000 taxpayers with delinquent FBAR forms have come forward. 428 more words

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What Are the Risks Associated with Quiet Disclosures?

natlawreview.com

FBAR – Report of Foreign Bank and Financial Accounts

The IRS estimates that there are millions of U.S. taxpayers with unreported offshore accounts. Americans with accounts in Switzerland. 700 more words

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3 IRS Strikes?

FATCA, FBARs, An ‘Abode’ In U.S. Although You Live Abroad

With over 7 million Americans living abroad, many have complained about the rigorous IRS enforcement of global tax reporting, the risk of draconian FBAR penalties for reporting foreign accounts, and FATCA discrimination. 358 more words

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Offshore Tax Evasion

law.com

The Department of Justice Tax Division and the IRS have been ramping up an intense crackdown on offshore tax evasion, and the IRS’ reduced resources due to new budget cuts is having no effect on IRS enforcement initiatives in this area . 1,821 more words

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Be aware of foreign account disclosure requirements

lexology.com

April 15th is a date on the minds of many taxpayers this time of year. For some, however, June 30th marks another important deadline. This is the date the Report of Foreign Bank and Financial Accounts (the FBAR) is due, and there are no extensions.[i] The FBAR is not a tax return, but an information return used by taxpayers to disclose certain foreign accounts. 763 more words

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