If you had a financial interest in or signature authority over foreign accounts exceeding $10,000, you need to file a Foreign Bank Account Report (FBAR). An unfiled FBAR can lead to a $10,000 penalty for non-willful violations and much higher penalties for willful violations.
Category: IRS Forms
Whether you are a wage earner or self-employed, there are three relevant information collection statement forms titled as IRS Form 433A, IRS Form 433B, and IRS Form 433F. Their basic function is to relay your financial assortments in a particular structure to the IRS. From these collection documents, the IRS is able to determine how… Read more »