The Foreign Account Tax Compliance Act is fundamental as it affects how you report your finances, especially as an expat abroad. FATCA is why you may need to file a Report of Foreign Bank and ...

Certain individuals who have only signature authority over non-US financial accounts now have until April 15, 2023 to file the Report of Foreign Bank and Financial Accounts. This extended filing ...

Last week the Ninth Circuit issued a win for taxpayers in US v. Boyd, limiting penalties for non-willful violations of the requirement to file a Report of Foreign Bank and Financial Accounts (FBAR).

Under the Bank Secrecy Act, U.S. taxpayers must file an FBAR (FinCEN Form 114) if their foreign financial account balances exceed $10,000 in aggregate at any point during a calendar year. A failure to ...

The maximum civil penalty for non-willful failure to comply with FBAR reporting requirements is $10,000. 1 However, additional penalties may apply for willful violations. Penalties for a willful ...

The IRS announced Friday in Notice 2009-62 that it is extending for certain taxpayers the due date for filing calendar year 2008 Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR) ...

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A recent U.S. District Court decision considered whether penalties for disclosing a foreign bank account survives the death of the account’s owner (U.S. v Gaynor, Case No.: 2:21-cv-382-JLB-KCD (Sept.

A Florida jury handed the estate of a Texaco heiress, Lavern N. Gaynor, an $18 million Valentine’s Day boon by deciding that her failure to timely file report of foreign bank and financial accounts ...