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Susanne Leone’s article on Foreign Bank Account Reports (“FBAR’s”) titled: “Konto verpflichtet” was published in the Florida Sun Magazine in its 3rd edition in 2018
17.10.2018
Clients being considered a U.S. tax resident and have one or more foreign bank accounts with an aggregate amount of $10,000 at any time during the year need to file FBAR’s. Many of our international clients forget to report their foreign bank accounts in Germany, Switzerland or Russia and file so called FBAR’s. This can have heavy civil as well criminal penalties. We can advise you how to be compliant and consequently to avoid heavy penalties imposed by the IRS for nondisclosure. Read the article for more information and contact us directly if you have any questions in regards to the filing of FBAR’s.