Article on Foreign Bank Account Reports (“FBAR’s”) published in the Florida Sun Magazine
Clients being considered U.S. tax residents and have one or more foreign bank accounts with an aggregate amount of $10,000 at any time during the year need to file FBAR’s. Many of our international clients forget to report their foreign bank accounts in Germany, Switzerland, or Russia and file so-called FBAR’s. This can have heavy civil as well criminal penalties. We can advise you how to be compliant and consequently to avoid heavy penalties imposed by the IRS for nondisclosure. Read the article for more information and contact us directly if you have any questions in regards to the filing of FBAR’s.
Read up more on real estate and other investments subject to US estate or gift tax.