Tags » FBAR

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


FOIA Request Sent Today to IRS Re Ted Cruz's Parents

“Fubar” has taken new meaning since it was used in 1970 to refer to the Foreign Bank Account Report.  Since 1970  U.S. citizens living abroad have been… 600 more words

New FBAR Proposed Regulations

Treasury released a new set of proposed regulations addressing the reporting of foreign financial accounts.

PWC summary of the proposed changes.


Back to Basics Part XXXIV - Form 8938 - Statement of Specified Foreign Financial Assets

Originally published in the Cedar Street Times

March 4, 2016

For those of you living in the US (not just US citizens) with foreign bank accounts, foreign securities accounts, ownership interests in foreign corporations, partnerships, or other foreign potentially income generating assets, you may have a reporting requirement on Form 8938 – Statement of Specified Foreign Financial Assets.   736 more words

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