Do you own – or have interest in – foreign financial accounts? At any point in the past year, did the balance exceed $10,000? If so, you must file a Foreign Bank Account Report (FBAR). This form alerts the Financial Crimes Enforcement Network (FinCEN) and the U.S. Treasury Department to the accounts.
If you’re having tax problems
Tag: IRS offshore accounts
If you have overseas banking accounts, it is important to understand and if you are required to declare these accounts, and if you are, what IRS forms you need to submit.