[Post Updated 2020] U.S. taxpayers are required to report offshore financial holdings. This includes bank accounts, certificates of deposit, offshore brokerage accounts and even some life insurance products. Reporting is done annually on a Report of Foreign Bank and Financial Accounts, more commonly known as an FBAR form. (Depending on how those assets are held, […]
IRS FBAR Whistleblower Post – The Waiting Is Over
[Post updated 2020] We have been warning people for years that the day of reckoning was coming. Sure, there were some false starts and last minute political moves, but the waiting is over. In 2013, Switzerland and the United States reached an agreement where the Swiss will begin releasing the names of thousands of U.S. […]
FBAR Post – IRS Crackdown on Foreign Retirement Plans
Bloomberg reports the IRS is setting its sights on unreported foreign retirement plans. Most of the world is finally catching on that the IRS is serious about unreported offshore bank accounts. Many other countries are racing towards greater exchange of financial information and transparency too. Unfortunately, compliance remains very low when dealing with foreign retirement […]