Forbes

Understanding FATCA: Why File An FBAR And Form 8938 As An Expat Abroad

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 National Law Review

Reporting Foreign Financial Assets Form 8938 and the FBAR

We collaborate with the world's leading lawyers to deliver news tailored for you. Sign Up for any (or all) of our 25+ Newsletters. Some states have laws and ethical rules regarding solicitation and ...
JournalofAccountancy

Nonwillful penalties are assessed per FBAR form, not per account

The penalty for nonwillful failure to file a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR), is assessed per FBAR not timely or properly ...
Forbes

5th Circuit Holds Non-Willful FBAR Penalty Cap Is Per Account, Not Per Form

In a recent case, the Fifth Circuit analyzed whether the $10,000 maximum non-willful FBAR penalty cap applies for each failure to file an annual FBAR or each failure to report an account. In an ...
WealthManagement.com

U.S. Supreme Court Rules FBAR Penalty Applies on Per-Form, Not Per-Account, Basis

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 ...