Taxpayers who have foreign accounts or interests that exceed $10,000 at any point during the year must submit a Foreign Bank Account Report (FBAR) through the Financial Crimes Enforcement Network (FinCEN) website. This notifies the U.S. Treasury Department of the accounts.
Tag: FBAR tax attorney
Do you hold overseas banking accounts? Do your foreign accounts exceed $10,000? Have you failed to disclose foreign holdings to the IRS? If you answered “yes” to any of these questions, you should seek the advice of a tax attorney to help you navigate the Report of Foreign Bank and Financial Accounts (FBAR) laws. Otherwise,… Read more »