FBAR

Ultimate Guide to FBAR FinCEN Form 114

American expats and US persons must be aware that effective October 1, 2013 BSA FinCEN Form 114 must be filed with the Department of Treasury via its BSA E-filing System. FBAR Form 114 is an informational return only and there is no expat tax due with this form. FinCEN Form...
Read more

What do FBAR Form 114 and FATCA have in common?

The IRS and Department of Treasury have undertaken multiple steps lately to enforce the FATCA compliance among the US citizens and green card holders. Most US expats are aware of the FBAR form 114 (Report of Foreign Bank and Financial Accounts). However, the FATCA (Foreign Accounts Tax Compliance Act) that...
Read more

Swiss Banks and Disclosure Program of US accounts?

American expats living abroad with undisclosed foreign financial accounts must be aware that the IRS has been using a wide range of sources to find noncompliant US taxpayers. Many American expatriates read about the FBAR and FATCA. Earlier we wrote an article about Foreign Account Bank Reporting and Foreign Account...
Read more

FBAR Penalties and Jail Sentence

American expatriates living abroad with undeclared offshore accounts should think twice. US citizens and green card holders who failed to timely file the FBARs face not only the substantial penalties but also a jail time. American expatriates should read What is FBAR to learn about the Report of Foreign Bank...
Read more