Foreign bank account reporting deadline approaches

Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most cases, affected taxpayers need to complete and attach Schedule B to their tax return. Part III of Schedule B asks about the existence of foreign accounts, such as bank […]

Reminder: Time to file Foreign Bank Account Reports (FBAR)

Those who have accounts in foreign banks must file their Foreign Bank Account Report, or FBAR, by June 30. Any person in the United States is required to file an FBAR if: You had a financial interest in or signature authority over at least one financial account located outside of the United States; and The […]