News & Analysis as of September 20, 2024

FinCEN › Foreign Bank Accounts

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

Questions Regarding Offshore Accounts and FBAR Filing Requirements

Allen Barron, Inc. on 5/16/2024

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 definition of a US...more

Federal Courts Weigh in on the FBAR: Providing Relief from Outrageous Penalties

Davies Ward Phillips & Vineberg LLP on 3/23/2023

In this bulletin, we highlight two recent federal court cases in which U.S. taxpayers won major victories against the United States with respect to their obligations to report non-U.S. accounts on FinCEN Form 114 – Report of...more

Supreme Court Rules For Taxpayers On Non-Willful FBAR Penalties

White and Williams LLP on 3/7/2023

Taxpayers who hold foreign accounts finally received clarity as the Supreme Court ruled that the $10,000 non-willful penalty for failure to file a FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) applies...more

You Say Prĭvacy and I Say Prīvacy: Tips to Take Away

Levenfeld Pearlstein, LLC on 11/10/2022

Increasing demand for transparency and tax rules focused on the ownership of foreign financial accounts and interests in foreign trusts and entities affect private wealth planning. There are steps you can take to comply with...more

IRS Issues FBAR Reference Guide

Freeman Law on 4/11/2022

The IRS and FBARs - On March 30, 2022, the IRS issued Publication 5569, Report of Foreign Bank & Financial Accounts (FBAR) Reference Guide. The 12-page publication provides helpful information to both taxpayers and tax...more

A Current “Playoff Picture” of Non-Willful FBAR Violations

Freeman Law on 1/21/2022

It’s that time of year again. Various football teams scramble at the end of the regular season for a chance at the playoffs. And with each game’s conclusion spectators get an updated “playoff picture” with respect to where...more

FBAR Filing Deadline Extended for Certain Individuals

Morgan Lewis on 1/11/2022

Certain individuals who have only signature authority over non-US financial accounts now have until April 15, 2023 to file the Report of Foreign Bank and Financial Accounts....more

Do FBAR Penalties Survive Death? A Texas Court Says “Yes”

Freeman Law on 8/10/2021

A federal district court in Texas recently took up an interesting FBAR issue: whether civil FBAR penalties survive death? That is, if a taxpayer/account holder dies after the IRS assesses an FBAR penalty against them, do the...more

A Summary of the IRS’ Streamlined Filing Compliance Procedures

Freeman Law on 8/5/2021

The IRS’ streamlined filing procedures were first offered by the IRS on September 1, 2012. Since that time, the IRS has made several revisions. A current summary of the IRS’ Streamlined Filing Compliance Procedures is...more

The FBAR (Report of Foreign Bank and Financial Accounts): Everything You Need to Know

Freeman Law on 7/26/2021

What is the Report of Foreign Bank and Financial Accounts (FBAR)? Congress enacted the statutory basis for the requirement to report foreign bank and financial accounts in 1970 as part of the “Currency and Foreign...more

“Modernized” and “Improved” Systems and Processes: How the Anti-Money Laundering Act of 2020 Changes the Landscape for Government...

Arnall Golden Gregory LLP on 2/3/2021

With bipartisan support and overriding (for the first and only time during the Trump presidency) a presidential veto, Congress passed the National Defense Authorization Act (“NDAA”) on January 1, 2021.1 As part of the NDAA,...more

Extension of FBAR Filing Deadline for Certain Filers

Proskauer - Tax Talks on 12/28/2020

On December 9, 2020, the Financial Crimes Enforcement Network (“FinCEN”) issued Notice 2020-1, extending the filing deadline for the Report of Foreign Bank and Financial Accounts, FinCEN Form 114 (FBAR), for certain...more

Death Doesn’t Stop the IRS—Failure to File FBARs

Freeman Law on 12/17/2020

Benjamin Franklin once famously wrote in a 1789 letter, “In this world nothing can be said to be certain, except death and taxes.” Many recognize the truth in Mr. Franklin’s statement. Some may also believe that certain death...more

FBAR Penalties: Is it per Account or per Violation?

Foodman CPAs & Advisors on 2/7/2020

U.S. Taxpayers (includes a citizen, permanent resident, corporation, partnership, limited liability company, trust and estate) are required to file a Report of Foreign Bank and Financial Accounts (FBAR) if they have...more

Extension of FBAR Filing Deadline for Certain Filers

Proskauer - Tax Talks on 12/27/2019

On December 20, 2019, the Financial Crimes Enforcement Network (“FinCEN”) issued Notice 2019-1, extending the filing deadline for the Report of Foreign Bank and Financial Accounts, FinCEN Form 114 (FBAR), for certain...more

Insight on Estate Planning - June/July 2019: Do you know when an FBAR must be filed?

Adler Pollock & Sheehan P.C. on 6/18/2019

If one has a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year, he or she must file FinCEN Form 114, “Report of...more

Extension of FBAR Filing Deadline for Certain Filers

Proskauer - Tax Talks on 2/13/2019

On December 4, 2018, FinCEN issued Notice 2018-1, extending the filing deadline for the Report of Foreign Bank and Financial Accounts, FinCEN Form 114 (FBAR), for certain individuals with signature or other authority over...more

FBAR Filing Deadline Deferred for Certain Individuals

Morgan Lewis on 2/1/2019

Certain individuals who have only signature authority over foreign financial accounts now have until April 15, 2020, to file the Report of Foreign Bank and Financial Accounts....more

FinCEN Grants Further Extension Of FBAR Deadline For Certain Financial Professionals

Fox Rothschild LLP on 12/13/2018

On December 4, 2018, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced a further extension of time for Report of Foreign Bank and Financial Accounts (FBAR) filings for certain individuals with...more

FBARs 101

Foodman CPAs & Advisors on 2/26/2018

US Taxpayers (which includes US Citizens, Permanent Residents, Trusts, Estates, and Domestic Entities) with an interest in foreign financial accounts that meet the reporting threshold of an aggregate value exceeding $10,000...more

FinCEN Clarifies Upcoming FBAR Due Date For Calendar Year 2017

Fox Rothschild LLP on 2/5/2018

Today the Treasury Department’s Financial Crimes Enforcement Network posted a “FBAR Due Date Clarification” on its website, which confirms that the annual filing deadline for FinCEN Form 114 (commonly referred to as the FBAR...more

FBAR Filing Deadline Further Extended

Morgan Lewis on 1/11/2018

Certain individuals who have only signature authority over foreign financial accounts now have until April 15, 2019 to file the Report of Foreign Bank and Financial Accounts....more

Developing a Strategy to Fight FBAR Penalties

Carlton Fields on 5/4/2017

Since 2009, the number of FBAR penalties imposed for failures to report foreign bank accounts and the size of the penalties have both increased dramatically. Originally published in The Tax Advisor....more

New Due Date for “FBAR” Filings - Report of Foreign Bank and Financial Accounts now due on Tax Day, with auto-extension for six...

Pillsbury Winthrop Shaw Pittman LLP on 4/18/2017

Federal law requires U.S. citizens and resident aliens to report world-wide income, including income from foreign trusts, bank and securities accounts. In addition to attaching Schedule B to their tax returns disclosing...more

New Extended Due Dates for Foreign Bank Account Reports (FBAR)

Burr & Forman on 1/30/2017

All U.S. citizens and permanent residents are required to annually file a U.S. income tax return reporting their worldwide income from all sources. Additionally, U.S. citizens and permanent who have an interest in or...more

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FinCEN › Foreign Bank Accounts

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