Recent developments—including the prosecution of high-profile individuals and ongoing global efforts to promote financial and tax transparency—suggest no pause in the energetic campaign by the United States and other countries to ferret out hidden assets and tax noncompliance related to offshore accounts.
An important part of current efforts remains the requirement that taxpayers and others annually file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). While the principal focus of FBAR enforcement activities is indisputably money laundering and tax evasion, taxpayers who fully report income from foreign financial accounts but who inadvertently neglect to satisfy technical reporting requirements can potentially be ensnared.
Read a March 2019 report [PDF 171 KB] prepared by KPMG LLP: What’s News in Tax: FBAR Update: Officers and employees should remain vigilant pending regulatory reform
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