For individuals and businesses with foreign financial accounts, strict adherence to FBAR reporting rules is essential, and ...

The FBAR rules only apply to foreign financial accounts. An account is considered a “foreign” account if it’s maintained by a financial institution located outside the U.S. The location of ...

Because they are imposed under Title 31, taxpayers’ foreign bank account reporting failure penalties were not subject to the Code’s procedural requirements, the Tax Court held.

Those who choose to keep money in foreign banks may need to file a Report of Foreign Bank and Financial Accounts Report (FBAR). The FBAR is a tool used by the federal government to identify ...