Who is a U.S. Person? U.S. persons include: (i) U.S. citizens or residents; (ii) entities (e.g., corporations, partnerships, trusts, and limited liability companies) created, organized, or formed in ...

Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. This article is more than 9 years old. Some offshore account ...

Since 2009, the number of FBAR penalties imposed for failures to report foreign bank accounts and the size of the penalties have both increased dramatically. To ensure that defensive positions against ...

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.

Many tax professionals are experiencing clients coming out of the woodwork this year to discuss foreign bank accounts and what they should do about them. The clients have become concerned about ...

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 ...

In 1970, Congress passed the Bank Secrecy Act, or BSA, widely considered to be the first law on the books to require banks and other financial institutions to assist law enforcement agencies in the ...

In September 2008, the IRS website posted revisions to the Report of Foreign Bank and Financial Accounts (Form TD F 90-22.1) that surprised many practitioners. This article discusses new traps for the ...

If you or your business has $10,000 in foreign accounts, it's important that you pay attention to this year's FBAR reporting regulations. The deadline for filing this year's FBAR (Report of Foreign ...