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 ...

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 ...

On December 4, 2018, FinCEN issued Notice 2018-1, extending the filing deadline for the Report of Foreign Bank and Financial Accounts, FinCEN Form 114 (FBAR), for certain individuals with signature or ...

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 ...

Those who choose to keep money in foreign banks may need to file a Report of Foreign Bank and Financial Accounts Report (FBAR). The FBAR is a tool used by the federal government to identify persons ...

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.

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 ...

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 ...

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 ...

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 ...