Taxpayers are required to maintain information on their foreign bank accounts so that they may be inspected. This is mandated by the Bank Secrecy Act of 1970, codified in 31 § 5311 of the U.S. Code. More specifically, U.S. citizens are required to file a Report of Foreign Bank and Financial Accounts (FBAR) if (a) he has a financial interest (or signature authority) over financial accounts that are located outside the United States, and (b) the aggregate value of those accounts exceeds $10,000 at any time during the year. The records that must be maintained have to include the following information: the name on each account, the account numbers, the name and address of the foreign bank, the account type, and the “watermark” for the year (the maximum amount the account reached that year).

March 25, 2014

How the Law Offices of David W. Klasing Can Help

The Tax Law Offices of David W. Klasing can help you get back into compliance and avoid the impending wrath of the IRS and state taxing […]
March 25, 2014

FBAR Reporting and Expired Voluntary Disclosure Program

TAX LAW OFFICES OF DAVID W. KLASING AS YOUR FBAR AND VOLUNTARY DISCLOSURE FIRM So… You missed the FBAR Voluntary Disclosure Program deadline of October 15th […]
March 25, 2014

What to do!

As the content above establishes, there is no longer any offshore banking secrecy available and detection of US taxpayers with previously undisclosed foreign accounts is just […]
March 25, 2014

What not to do!

The two worst things that you could do if you did not take advantage of the FBAR voluntary disclosure program that ended October 15, 2009 is […]