Taxpayers who have foreign accounts or interests that exceed $10,000 at any point during the year must submit a Foreign Ban Account Report (FBAR) through the Financial Crimes Enforcement Network (FinCEN) website. This notifies he U.S. Treasury Department of the accounts.
If you’re having tax problems
A failure to file FBARs and Form 8938 can result in numerous civil tax penalties. Criminal penalties are also a possibility, which could result in jail time.
Unfiled Tax Returns Could Mean You Are Missing Out on Some Serious Cash Are you interested in receiving an extra $847? That was the median tax refund due for unfiled 2014 returns. Unfortunately, if you never filed your return, you missed your chance to get your refund. That’s right, the money’s gone. It’s now property… Read more »