Canada-U.S. Cross-Border Bulletin: What You Know About FBARs Can Hurt You

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An article concerning the U.S. tax reporting obligations of U.S. citizens resident in Canada, including foreign bank account reporting (FBAR) obligations and the Internal Revenue Service's current Offshore Voluntary Disclosure Program.

This is a topic that received a good bit of media attention last year and as the article notes, that attention may make the situation more difficult for U.S. citizens who are not in compliance.

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Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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