Foreign Bank Accounts

The United States Government makes it a point to be aware of financial holdings that Americans own abroad. Perhaps you’ve been living overseas and have set up bank accounts there. Maybe you live in Georgia or another state and have power of attorney for financial...

The Internal Revenue Service (IRS) has many tools in its toolbox to collect on tax debt. When it comes to domestic options, it can use legal tools like a levy on accounts or it can choose to garnish wages. Those with assets in foreign accounts or who own foreign...

The United States Department of Treasury expects those who have a foreign account with a combined value at or above $10,000 at any point in the tax year to file a Report of Foreign Bank and Financial Accounts (FBAR) by April 15. This tax form is different from...

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...

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...

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...

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...

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...

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...

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...