FBAR Update: Recent Changes to Reporting Assets Held Outside U.S.
March 14, 2023 – ArticleHanspeter Misteli Reyes, Private Client Services Associate, published the article "FBAR Update: Recent Changes to Reporting Assets Held Outside U.S." to CPA Practice Advisor.
Excerpt:
In a globalized world, it is common for individuals to hold assets outside the U.S. However, U.S. taxpayers are often unaware that there are special reporting requirements for their non-U.S. based assets leading to substantial penalties. This article will provide a general overview of the current reporting requirements for foreign financial assets on the Report of Foreign and Financial Accounts (“FBAR”) and on Form 8938 under the Foreign Account Compliance Act (“FATCA”). We will also review the interpretation and scope of penalties arising from non-disclosure, which have recently been the subject of two appeals to the United States Supreme Court.
Read the full article here.