Reporting FBAR to Disclose Foreign Accounts & Assets 5 examples: Golding & Golding Tax Lawyers

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Reporting FBAR to Disclose Foreign Accounts

Reporting foreign bank and financial accounts has become more complicated over the past 5 to 10 years. With the globalization of the US economy, there are more permanent residents, visa holders, and dual citizens than ever before. As a result, there are many more people who have ownership or signature authority over foreign bank accounts, investment accounts, mutual funds and other pool funds, foreign pension plans, and certain foreign life insurance policies. Let’s take a look at some of the reporting requirements by reviewing five common examples for taxpayers who have to disclose foreign accounts and assets to the IRS on the annual FinCEN Form 114.

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