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FBAR

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FBAR and Foreign Financial Assets Filing Requirements

The Foreign Account Tax Compliance Act (FATCA), enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, is an important development in U.S. efforts to combat tax evasion by U.S. persons holding investments in offshore accounts.

Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS. In addition, FATCA requires foreign financial institutions to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

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IRS Modifies Offshore Compliance Programs

The IRS has announced changes to two of its offshore voluntary compliance programs; namely, the streamlined filing compliance process and the Offshore Voluntary Disclosure Program (OVDP). These programs are part of a wider effort to stop offshore tax evasion, which includes enhanced enforcement, criminal prosecutions, and implementation of third-party reporting via the Foreign Account Tax Compliance Act (FATCA). The changes

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Remember To Disclose Non-Domestic Accounts (FBAR)

See from IRS.gov: Who Must File an FBAR?

United States persons are required to file an FBAR if:

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