Jun 29 2022 20 mins
FBARs.
Most are unaware that per the Bank Secrecy Act, every year, you must report certain foreign financial accounts, such as bank accounts, brokerage accounts, and mutual funds, to the Treasury Department and keep certain records of those accounts. You report the accounts by filing a Foreign Bank and Financial Accounts report. Failure to navigate this potential tax minefield can result in devastating tax consequences and possible incarceration! Tune in to the Legal Tax Junkies to gain insight into issues associated with foreign asset holdings.
Most are unaware that per the Bank Secrecy Act, every year, you must report certain foreign financial accounts, such as bank accounts, brokerage accounts, and mutual funds, to the Treasury Department and keep certain records of those accounts. You report the accounts by filing a Foreign Bank and Financial Accounts report. Failure to navigate this potential tax minefield can result in devastating tax consequences and possible incarceration! Tune in to the Legal Tax Junkies to gain insight into issues associated with foreign asset holdings.