FBAR is an acronym for Foreign Bank and Financial Accounts Report. Failing to file an FBAR can result in significant penalties, so it’s important to understand whether or not you need to file one. This article will explain everything you need to know about FBARs, including who needs to...
Understanding the Voluntary Disclosure Program (VDP) may be an essential part of filing your taxes if you have an international business. The VDP is an Internal Revenue Service (IRS) program that taxpayers can use to reduce or eliminate the Foreign Bank and Financial Accounts (FBAR) Violation Penalties. The VDP...
Creating any business is a time-consuming endeavor which takes a lot of know-how, time, and dedication which can plague even the most diligent business owner. Being at the helm of a U.S.-only based business is complex enough but a business with foreign interests adds a whole new level of...
Court defines “financial interest” and makes other FBAR rulings In U.S. v. Horowitz, a district court ruled on various issues regarding the Report of Foreign Bank and Financial Accounts (FBAR). Its decision, handed down in January, addressed the statute of limitations for assessing FBAR penalties and the definitions...
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