Are
you aware of the nature of all your investments, domestic and international? Do you know if
you have foreign accounts with an aggregate
value higher than $10,000 at any time during the calendar year? U.S. taxpayers
(including individuals and business entities)
are required to report on
foreign assets or investments they hold in offshore accounts.
Under the Bank Secrecy Act, you may be required toe-file what is known as the FBAR directly with the Financial
Crimes Enforcement Network (FinCEN),
a bureau of the Treasury
Department. Given the diversity of assets that many people hold, we advise against
assuming that the FBAR rules don't apply
to
you. If you're not sure, we can help you determine
the answers.
As is often the case with tax laws, there are some exceptions and intricacies to the FBAR rules,
so be sure to contact our office for more details. We can help you understand
whether the rules apply to you and what you need to do to comply with them.
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