Tags » FBAR

Escaping the Quandary Posed by Unreported Foreign Accounts

 Many U.S. taxpayers have at least one financial account located in a foreign country. Failure to report an offshore account carries with it possible civil and criminal penalties. 2,578 more words


Americans Renounce Citizenship And Leaving

It seems crazy to call it the ‘New Normal’, but once again, record numbers of Americans are renouncing citizenship. Every three months, the Treasury Department publicly names individuals who renounced. 149 more words

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Court of Federal Claims Has Jurisdiction Over Suit for Refund of FBAR Penalty (for Now) by ROBERT S. HORWITZ

This author has previously argued that under the Tucker Act, 28 USC §1491(a)(1), the Court of Federal Claims has jurisdiction over suits to recover FBAR penalty payments.   463 more words


New rules on financial reporting from the FACTA will affect U.S. expats. FBAR apply to all U.S. tax payers with a foreign account amounting over $10,000. 762 more words


The Bank Secrecy Act (BSA)

The Bank Secrecy Act (BSA), P.L. 91-508, requires certain U.S. persons who have a financial interest in or signature authority over a foreign financial account to report the account annually to the Department of Treasury by electronically filing Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts(commonly called FBAR), through FinCEN’s BSA E-Filing System. 2,759 more words


FBAR Form 8938 filings increase

FBAR, Form 8938 filings increase as taxpayers become more aware of reporting requirements

Six years ago, Congress passed the Foreign Account Tax Compliance Act (FATCA), which set in motion a wave of new reporting and disclosure requirements by individuals, foreign financial institutions, and others. 593 more words