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...
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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...
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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...
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Overseas Taxes Series: How can the IRS prove the willful FBARs violation

What is FBAR? How can the IRS prove the willful FBARs violation? On November 8 a federal district court held that the government could proceed to collect the FBARs penalties from Jon McBride. This is the second FBARs case for year 2012. Let’s review the case to understand how the...
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FBARs and Non-Resident Indian Accounts

What is FBAR? Does my Nonresident Indian Account have anything to do with FBARs? Should I report my NRO on expatriate tax returns? We reviewed earlier the definition of FBARs (please see What is FBAR). Now let’s talk about Indian Nonresident Accounts. Let’s review the case of Arvind Ahuja, a...
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