What is an FBAR, and what information is a U.S. taxpayer required to report to the U.S. Government and the IRS? There are many questions about the requirements for U.S. taxpayers with foreign accounts ...

It is common for a US taxpayer to ask “what happens if you don’t file an FBAR or a Form 8938, Statement of Specified Foreign Assets with the IRS? Why do I have to worry about filing an FBAR in San ...

The United States Department of Treasury is again sharpening its sword upon crypto. In January 2021, the Department of Treasury’s Financial Crimes Enforcement Network issued Notice 2020-2. The Notice ...

IRVINE, Calif., March 10, 2022 /PRNewswire/ -- Under federal tax law, U.S. citizens with a financial interest in or signature authority over a foreign bank account with a combined highest one time ...

For years, Treasury has advised taxpayers that virtual currency is not required to be reported on the Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial ...

The Report of Foreign Bank and Financial Account, or FBAR, is an annual informational tax report that must be filed by certain U.S. individuals and legal entities to report their foreign bank accounts ...

Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. Often call FBARs—but now known formally as FinCEN Form 114, are ...

IRVINE, Calif., Dec. 6, 2024 /PRNewswire/ -- The Foreign Bank Account Report (FBAR) is a critical compliance requirement under the Bank Secrecy Act (BSA), aimed at combating tax evasion and money ...

FBAR non-willful penalties are now "per-form," not per-account. At the Tax Law Offices of David W. Klasing, our skilled dual-licensed tax attorneys and CPAs can help you file your FBARs properly in ...

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.

When it comes to the FBAR filing requirements, if a taxpayer's nondisclosure is found to be willful, they may be subject to draconian penalties of up to 50% of the amount of the highest annual ...