Failure To Report Foreign Accounts Leads To $2 Million Penalty
For individuals and businesses with foreign financial accounts, strict adherence to FBAR reporting rules is essential, and the cost can carry over to your estate.
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Service Members May Need to File a FBAR Report
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 ...