Jeffrey M. Rosenblum, P.C.
A Fresh Start

May 2016 Archives

Warning: Deadline for FBAR filing just around the corner

The deadline for the Foreign Bank and Financial Account Report (FBAR) is fast approaching. The FBAR, referred to in some financial circles as the "F" word, is the form required by the Internal Revenue Service (IRS) to claim certain foreign accounts. The form is due by June 15, 2016, for expatriates and June 30 for taxpayers.

FAQs about IRS crackdown on foreign account holders

The Internal Revenue Service (IRS) is holding foreign financial account holders responsible for not reporting their accounts. Those who need to report accounts are encouraged to do so proactively. A failure to properly report can lead to both civil and criminal prosecution.