Topic: FBAR

IRS to Dual Citizens: It’s Time to Come Clean (re FATCA, FBAR and Other Foreign Tax Reporting)

Just in time for the 2011 tax season, here’s a roundup of recent legal updates that address tax reporting requirements – and penalties for non-compliance – for US dual citizens with foreign income and financial assets: IRS Issues Fact Sheet Providing Information on Federal Income Tax Return and Foreign Bank Filing Requirements – Potential Penalties… Read more »

FBAR: Foreign Bank and Financial Accounts Reporting Extensions

The Financial Crimes Enforcement Network and the Internal Revenue Service have recently issued several extensions to the reporting requirements of Foreign Bank and Financial Accounts (“FBAR”). For your reference, here’s a roundup of FBAR-related commentary and analysis from lawyers and law firms publishing their work on JD Supra: FBAR Filing Deadline for Extensions for Certain… Read more »