Posts Tagged ‘FBAR’
FOREIGN BANK AND FINANCIAL ACCOUNTING REPORTING (FBAR)
The Bank Secrecy Act of 1970 equipped the U.S. Treasury Department with the authorization needed to collect and analyze a taxpayer’s information about their financial transactions abroad in order to curtail domestic and international money laundering abuse and other financial crimes. The collection of taxpayer information is accomplished through the Financial Crimes Enforcement Network (FinCEN)…
Read MoreTOP 10 THINGS FILERS NEED TO KNOW ABOUT THE FOREIGN BANK ACCOUNT REPORTING (FBAR)
1. Nonresident filers do not need to file Only filers who are tax residents of the U.S. will have a FBAR filing requirement. If you are a nonresident filing a Form 1040NR (rather than the resident Form 1040), you do NOT have an FBAR filing requirement. 2. Resident filers with an AGGREGATE total of over…
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