Every U.S. person that had a financial interest in, or signature or other authority over, a foreign financial account during 2014 must electronically file with the U.S. Treasury Department a Financial Crimes Enforcement Network (“FinCEN”) Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”), if the aggregate value of such foreign financial account(s) exceeded USD $10,000 at any time during 2014. If an FBAR for 2014 is required, it must be filed electronically with the Treasury Department on or before June 30, 2015. This deadline cannot be extended.
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August 17, 20150 Comments
Imagine owing up to $600,000 in penalties on, say, a $20,000 bank account simply because…
You’ve never seen IRS penalties like these was last modified: August 17th, 2015 by US International Tax AdvisorsPosted in: Foreign Bank Account Reporting (FBAR) -
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August 5, 2015
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IRS Offshore Account Penalties Go Up, More Banks Listed was last modified: August 10th, 2015 by US International Tax AdvisorsPosted in: Blog, Foreign Account Tax Compliance Act (FATCA) -
August 3, 2015
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