FATCA Update: FBAR Filings Now More Important Than Ever
The Foreign Account Transactions Compliance Act (FATCA) was fully implemented on July 1, 2014. FATCA made sweeping changes to the financial reporting guidelines for foreign banks; they are now required to report financial information to the IRS on all U.S. account holders with an average balance of $10,000 or above. And those who fail to […]
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