Any individual or business with assets north of US $10,000 must annually declare holdings to the feds. It’s known as the Foreign Bank Account Report. If you’re unfamiliar with FBAR rules and regulation, contact our team. We’ll walk you through the process and develop a plan to make amends for delinquent reporting requirements.
The IRS Voluntary Disclosure Program (VDP) gives taxpayers a chance to avoid criminal tax charges by submitting their late or corrected tax returns and agreeing to pay the penalties.
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The FBAR penalty—whether you fail to file or file inaccurately—can be serious, including hefty fines or even jail time. It depends on your situation, but even accidental violations can lead to harsh punishments.
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Everything you need to know about FBAR Filing Requirements: Who needs to file, what types of accounts qualify, & what to do if you haven't filed FBARs.
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EU representatives sent a letter to the United States urging a new plan for people caught in a cross-border tax web. Will the US listen and comply?
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Anyone with overseas accounts must file an annual FBAR report. Click through to read about a taxpayer who failed to do so and got sued for over a million.
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Here's the story of a doctor from Florida who failed to file FBAR reports. Now she could be out millions. We discuss the case and implications.
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Many people think they can get away with the "I didn't know!" defense when hit with an FBAR violation claim. But it usually doesn't work.
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Taxpayers with money in overseas accounts MUST report it to Uncle Sam every year. This is a story of what happens when you fail to comply.
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You have signatory authority for an overseas work account worth more than $10,000. That means you must file FBAR paperwork with the federal government.
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