W-T-FBAR?
Requirements, Purpose and Definitions For Reporting Foreign Bank and Financial Accounts (FBAR)
The FBAR filing requirement is imposed upon taxpayers through the U.S. Treasury.
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FBAR Definitions of Foreign Account and Financial Interest
FBAR requires reporting with respect to financial accounts “in a foreign country,” where “foreign country” defined as “all geographic areas located outside of the United States” (1).
Civil Penalties For Failure to Participate in OVDP
If a taxpayer who is eligible to participate in the Offshore Voluntary Disclosure Program fails to do so, he or she may be open to certain civil penalties if the IRS discovers the taxpayer’s