FBAR update - No new rules, enforcement threat looms | KPMG | US
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KPMG report: FBAR update - No new rules, but enforcement threat looms

FBAR update - No new rules, enforcement threat looms

The Bank Secrecy Act is a potent tool in the U.S. government’s campaign to ferret out hidden assets and tax noncompliance.

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The Bank Secrecy Act requires, among other things, the filing of FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Because of its broad reach, the Bank Secrecy Act can potentially ensnare taxpayers who fully report income from their foreign accounts but inadvertently neglect to satisfy technical reporting requirements. 

It is critical that owners of foreign financial accounts and individuals holding signatory authority over these accounts remain up to date on the FBAR rules. Taxpayers need to be aware of the filing deadline for FBAR reports, limited exceptions to the annual filing requirements, possible relief from penalties for previous failures to file, and proposed changes for future FBAR filings.

 

Read a March 2018 report [PDF 149 KB] prepared by KPMG LLP: What’s News in Tax: FBAR update: No new rules but enforcement threat looms

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