Foreign Financial Assets, FBARs and Streamlined Filings: What Maryland Taxpayers Need to Know
Posted in Hot Topics, Offshore Account Update on October 29, 2021
For taxpayers who own offshore bank accounts and other foreign financial assets, filing a Report of Foreign Bank and Financial Accounts (FBAR) is an important part of federal tax compliance. Taxpayers whose accounts exceed the statutory thresholds must file FBARs on an annual basis, and failure to do so can lead to steep penalties. So, what if you haven’t met your FBAR filing obligations? US International Tax Advisors explains:
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