Time to Fess Up on Foreign Financial Accounts

By Jason Palmisano

The IRS wants to know if a taxpayer has financial interests outside of the United States to ensure the taxpayer is not hiding money for illicit purposes (i.e., money laundering, tax evasion, or funding terrorism).  As such, the IRS requires a Report of Foreign Bank and Financial Accounts (FBAR) to be filed with the U.S. Department of Treasury by any United States person if: read more