Staying Afloat in the Rising Tide of Foreign Bank Account Reporting
In recent years, the Internal Revenue Service (IRS) has intensified its enforcement efforts targeting noncompliance with foreign bank account reporting (FBAR)i requirements. This heightened focus has resulted in a significant increase in the ... Chelsea Rustek, EA
Due Diligence: How Do You Do It and How Much Is Enough?
When I was director of the Office of Professional Responsibility, one of the most frequent questions I received from tax professionals around the country was: "How do I know when I have done enough due diligence?" The ultimate answer: “It depends,” sho... Karen L. Hawkins
Preparing an Accurate FBAR: Ten Common Mistakes
The failure to file an accurate and complete Financial Crimes Enforcement Network (FinCEN) 114, (Report of Foreign Bank and Financial Accounts (FBAR)) can result in serious penalties and consequences for a taxpayer. Unfortunately, the FBAR is one of those deceptively simple forms that does not appear to be complex due to the limited number of entries required. However, those unfamiliar with the form are prone to mistakes, as detailed rules ex... Randall Brody, EA