Financial Perspectives – The Costly Consequences of Non-Compliance with Foreign Bank Account Reporting (FBAR)
March 20, 2015 - By: SC&H Group
Reporting Requirements for Foreign Financial Assets
U.S. individual taxpayers must report information about certain foreign financial assets and offshore accounts. While these lesser known filing requirements have been around for years, many Americans remain unaware of the rules and the potential penalties that could be assessed for non-compliance.
In this issue of Financial Perspectives, we explore:
- Reporting requirements for foreign financial assets
- Additional reporting requirements associated with ownership in specified foreign assets as a result of FATCA
- The potential penalties associated with these reporting requirements if individuals fail to comply
Download the latest issue of SC&H Financial Advisors’ Financial Perspectives newsletter now to learn more.