EVERYTHING YOU NEED TO KNOW ABOUT FBARS

What is an FBAR (Foreign Bank Accounts Report)?

An FBAR is a report of all foreign financial accounts held by a US person, which (if required) should be electronically filed with the BSA annually. The US government introduced the FBAR in 1970 in an effort to tackle tax avoidance. In recent years, the FBAR has received more attention following the Foreign Accounts Tax Compliance Act (FATCA) of 2010 and the introduction of more severe penalties for failure to file.

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