U.S. citizens and residents with financial interests in foreign accounts that exceed $10,000 at any time in a year must file an FBAR. The failure to file an FBAR can be costly. If the government shows ...
Forbes contributors publish independent expert analyses and insights. Matthew Roberts is a tax attorney who covers tax litigation and fraud. The Bank Secrecy Act requires U.S. taxpayers to file annual ...
You may recall that earlier this year the IRS launched an initiative to pursue 125,000 “high-income, high-wealth” taxpayers who have not filed taxes since 2017. These were cases where the IRS received ...
Who is a U.S. Person? U.S. persons include: (i) U.S. citizens or residents; (ii) entities (e.g., corporations, partnerships, trusts, and limited liability companies) created, organized, or formed in ...
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