BEWARE - If you had any interest in a foreign financial account at any time during calendar year 2012, you may have an obligation to file an FBAR by June 30, 2013! U.S. persons having a financial ...

As previously blogged by Chuck Rettig (2/9.11), Kathy Keneally (12/12/10) and Bob McKenzie (10/01/10), the IRS has been aggressively pursuing the disclosure of foreign financial information by U.S.

U.S. Taxpayers (includes a citizen, permanent resident, corporation, partnership, limited liability company, trust and estate) are required to file a Report of Foreign Bank and Financial Accounts ...

The penalty for nonwillful failure to file a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR), is assessed per FBAR not timely or properly ...

With the June 30 deadline to file the FBAR form fast approaching, the IRS issued another reminder to taxpayers with bank accounts located outside of the United States. The IRS noted that during 2014, ...

On Feb. 28, 2023, the U.S. Supreme Court issued its opinion in Bittner v. United States, which focused on the correct penalty amount for non-willful violations of the foreign bank and financial ...

The Internal Revenue Service is reminding all taxpayers with a filing requirement for a foreign bank account report to report their foreign assets by the June 30 deadline. FBAR filings have risen ...

If FATCA isn't keeping you awake at night, it should be, according to practitioners. Ditto for FBAR. The filing requirements under both can trap the unwary, and the penalties can be enormous. The ...

Tax practitioners and taxpayers alike have long grappled with whether virtual currency, aka cryptocurrency, is reportable for purposes of FinCEN Form 114, Report of Foreign Bank and Financial Accounts ...

For investors overwhelmed by the recent changes to foreign reporting, consider the following as a basic guide to FBAR requirements. FBAR is an information return that must be filed if any U.S. person ...