The Foreign Bank Account Report (FBAR) is an annual filing required of any American who has foreign financial accounts whose calendar-year maxima total more than $10K. This applies to many expats because many types of accounts are included. The penalties for non-compliance or even late filing are potentially financially ruinous.
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Crime-Punishment Mismatch
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The Foreign Bank Account Report (FBAR) is an annual filing required of any American who has foreign financial accounts whose calendar-year maxima total more than $10K. This applies to many expats because many types of accounts are included. The penalties for non-compliance or even late filing are potentially financially ruinous.