FS-2011-13, December 2011 The IRS is aware that some taxpayers who are dual citizens of the United States and a foreign country may have failed to timely file United States federal income tax returns or Reports of Foreign Bank and Financial Accounts (FBARs), despite being required to do so. Some of those taxpayers are now […]
Tag Archives: Financial Accounts
Washington — The Internal Revenue Service Advisory Council (IRSAC) issued its annual report today during a public meeting held in Washington, DC, delivering a report with a series of recommendations on a wide range of tax administration issues. IRSAC made several recommendations based on its findings and discussions, in some of the following areas: Procedures […]
If you own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account, then you may be required to report the account yearly to the Internal Revenue Service. Under the Bank Secrecy Act, each United States person must file a Report of Foreign Bank and Financial Accounts (FBAR), if The person […]