The Foreign Account Tax Compliance Act is fundamental as it affects how you report your finances, especially as an expat abroad.

The FBAR forms, which have a deadline of June 30, 2016, can be quite difficult to do, but the guide is accessible all year round for readers.

In addition, the filing thresholds for the Form 8938 and the FBAR are different and the foreign financial assets that must be reported on the Form 8938 are not limited to bank and financial accounts.

In a recent case, the Fifth Circuit analyzed whether the $10,000 maximum non-willful FBAR penalty cap applies for each failure to file an annual FBAR or each failure to report an account.

US citizens living abroad with foreign assets and bank accounts are required to file an FBAR form with the IRS.

Nonwillful penalties are assessed per FBAR form, not per account The holding by a district court in the Fifth Circuit conflicts with a case moving through the Ninth Circuit.

Practitioners must consider a number of ethics and risk management issues when preparing and filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). At the outset, it is ...

A. Reporting a foreign bank account is separate from your tax return. An FBAR, or Foreign Bank Account Report (FinCEN Form 114), is required to be filed by all U.S. persons who have an interest in ...