A Report of Foreign Bank and Financial Accounts must be filed by a U.S person with financial interests in or authority over certain foreign accounts. If you’re a U.S. citizen living abroad, it ...

The Financial Crimes Enforcement Network (FinCEN) extended filing deadlines for foreign bank and financial accounts reports (FBAR) for people in federally declared disaster areas of four hurricanes ...

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 ...

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 ...

June 30 is the deadline for filing the current year Report of Foreign Bank and Financial Accounts, Treasury Form TD F 90-22.1 (FBAR). “United States persons” having a financial interest in or ...

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 ...

The IRS received a significant increase in operating funds after Congress passed the Inflation Reduction Act (IRA) in mid-2022. More recently, on September 8, 2023, the IRS announced that it would use ...

On Feb. 28, 2023, the U.S. Supreme Court issued its opinion in Bittner v. United States, which focused on the correct penalty amount for non-willful violations of the foreign bank and financial ...