Got Foreign Assets? FBAR May Apply to
You
Are
you aware of the nature of all your investments, domestic and international? Do
you know if you have foreign accounts with an aggregate value higher than
$10,000 at any time during the calendar year? U.S. taxpayers (including
individuals and business entities) are required to report on foreign assets or
investments they hold in offshore accounts. Under the Bank Secrecy Act, you may
be required to e-file what is known as the FBAR directly with the Financial
Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department. Given
the diversity of assets that many people hold, we advise against assuming that
the FBAR rules don’t apply to you. If you’re not sure, we can help you
determine the answers.
As
is often the case with tax laws, there are some exceptions and intricacies to
the FBAR rules, so be sure to contact our office for more details. We can help
you understand whether the rules apply to you and what you need to do to comply
with them.
Source AICPA -
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