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As June 30 approaches, should you file your first FBAR? An FBAR has emerged from the dusty stacks of federal form oblivion onto the front page. If you have foreign bank accounts holding more than ...
FBAR Penalties. The penalties for failure to file an FBAR are worse than tax penalties. Failing to file an FBAR can carry a civil penalty of $10,000 for each non-willful violation.
In his Tax Litigation column, Jeremy Temkin analyzes the ongoing debate over the maximum permissible FBAR (Foreign Bank and Financial Account) penalty and its implications.
Tax practitioners and taxpayers alike have long grappled with whether virtual currency, aka cryptocurrency, is reportable for purposes of FinCEN Form 114, Report of Foreign Bank and Financial Accounts ...
This article is for US taxpayers. Much has been said about the IRS’s dogged pursuit of taxpayers with unreported foreign accounts. These accounts are reported on the Report of Foreign Bank and ...
In a 5-4 decision in Bittner v. United States, the Supreme Court held that the $10,000 per violation non-willful FBAR penalty, contained in 31 USC § 5321, applies only to each FBAR and not to ...
A. Reporting a foreign bank account is separate from your tax return. An FBAR, or Foreign Bank Account Report (FinCEN Form 114), is required to be filed by all U.S. persons who have an interest in ...
Triggering the FBAR requirement is much easier than most entrepreneurs expect. Once you have a combined $10,000 across all foreign accounts, you’ll need to file to avoid stiff penalties.
After a misworded posting caused confusion about the 2020 deadline to file FBARs (i.e., FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)), Treasury’s Financial Crimes Enforcement ...
Shared Extensively on Social Media, IRSMedic.com's Step by Step Guide was a Huge Success WALLINGFORD, CT / ACCESSWIRE / July 27, 2016 / IRSMedic.com, also known as Parent & Parent, LLP, recently ...