A quarterly magazine from the National Association of Enrolled Agents
Spring 2025 vol.43 no.1
Staying Afloat in the Rising Tide of Foreign Bank Account Reporting
Feature Article

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

Spring 2025, Feature Article, Financial Crimes Enforcement Network, FinCEN, Foreign Account Tax Compliance Act, FATCA, Form 1040, PATRIOT Act, Bank Secrecy Act, Foreign Bank Account Reporting, FinCEN Form 114, Schedule B, IRS Publication 5569, BSA E-Filing System
Feature Article

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

Nov/Dec 2017, Feature Article, tax, preparation, penalties, accurate, FBAR, common, mistakes, Foreign Bank and Financial Accounts, Financial Crimes Enforcement Network, FinCEN, Foreign Account Tax Compliance Act, FATCA