US citizens, residents, and corporations must generally file a Report of Foreign Bank and Financial Accounts (FBAR) if they have a financial interest or signatory authority over foreign financial accounts that have an aggregate value over $10,000 at any time during...
Foreign Bank Accounts
What if I forgot to file an FBAR?
The Internal Revenue Service (IRS) and United States Department of Justice (DOJ) continue to crackdown on taxpayers who fail to disclose foreign assets. The United States Tax Code requires taxpayers disclose these assets in various situations. For example, tax law...
Will I go to jail if I forgot to disclose foreign assets on my taxes?
The United States Tax Code requires taxpayers disclose certain income and assets. In some cases, this extends to include foreign assets and accounts. As discussed in a previous post, available here, the Internal Revenue Service (IRS) and Treasury Department generally...
How do I report FBAR?
If you’re starting to collect your income tax-related documents to take to your tax return preparer, don’t forget those for any financial accounts you have outside the U.S. Any U.S. Citizen or resident with a total of over $10,000 in assets in all bank accounts...
Why would anyone admit to the IRS that they hid foreign assets?
Voluntary disclosure means intentionally acknowledging that you broke the rules. In the financial world, voluntary disclosure often refers to an Internal Revenue Service (IRS) program aimed at those with valuable foreign assets. Essentially, the IRS has asked those...
Your FBAR obligations when you purchase or sell real estate abroad
Purchases of real estate abroad used to be a relatively uncommon occurrence -- but the prospect of owning foreign real estate has grown in popularity over the past few decades. Nowadays, many individuals own second homes or vacation rentals abroad. This increase in...
What to know about your obligation to file an FBAR form
If you’re a United States citizen who had or has money in a foreign bank account, then take note. Are you familiar with the Foreign Bank Account Report (FBAR) Form 114? It's imperative that you are. There are stiff penalties that exist if you neglect to fill this...
Report of Foreign Bank and Financial Accounts (FBAR)
The Internal Revenue Service (IRS) wants to know about all assets, even those that are in foreign bank accounts. According to the Bank Secrecy Act, the Treasury Department wants foreign bank account owners to report these accounts by using a Report of Foreign Bank and...
What you don’t know about disclosing foreign assets can cost you
The tax filing deadline for 2020 is quickly approaching. For those who have money in foreign bank accounts or own foreign mutual funds, you need to be careful to report those assets correctly. If you don’t, you can face a massive tax penalty, sometimes up to $100,000....
Keeping money in foreign accounts isn’t illegal – if you do it correctly
The idea of keeping money in an account outside the U.S. has always held some intrigue for many Americans. Having a Swiss bank account identified by a number rather than your name used to be the epitome of secrecy for the rich and famous who wanted to hide money from...