The Financial Crimes Enforcement Network (FinCEN) extended filing deadlines for foreign bank and financial accounts reports (FBAR) for people in federally declared disaster areas of four hurricanes ...

The IRS announced relief for taxpayers in all or part of seven states that Hurricane Helene damaged (IR-2024-253). The AICPA, which requested IRS relief in a comment letter, on Thursday also requested ...

The maximum civil penalty for non-willful failure to comply with FBAR reporting requirements is $10,000. 1 However, additional penalties may apply for willful violations. Penalties for a willful ...

The Foreign Account Tax Compliance Act is fundamental as it affects how you report your finances, especially as an expat abroad. FATCA is why you may need to file a Report of Foreign Bank and ...

For FBAR penalty purposes, there is a critical distinction between willful and non-willful conduct. If a U.S. person willfully fails to file a correct and timely FBAR, the IRS may impose civil ...

Many US taxpayers still have questions regarding offshore accounts and FBAR filing requirements and compliance. Is there a genuine risk their activities (or lack of compliance) will come to light? The ...