Category: FBAR

April 22, 2022 by Barbara Dillon

FATCA Foreign Account Tax Compliance Act

The Foreign Account Tax Compliance Act (FATCA) requires that U.S. individuals who hold foreign financial assets must report those assets to the IRS. What are your responsibilities under FATCA rules?

November 2, 2020 by Barbara Dillon

FBAR Foreign assets Foreign Financial Accounting Foreign financial reporting Income tax International report of foreign bank and financial accounts Tax Taxes

Foreign Financial Account Reporting and FBAR

Every year, under federal law, taxpayers must report certain foreign financial accounts to the Treasury Department. Whether the account produced taxable income has no effect on whether the account is a foreign financial account for FBAR purposes.