In the last couple of years the Internal Revenue Service has
really advanced its fight against offshore income, the initiative called FBAR,
or Foreign Bank Account Reporting. In connection with the FBAR, it has implemented
a few additional filing requirements for individuals and entities (usually
businesses and trusts/estates) that have offshore accounts beyond certain low
thresholds. As is usually the case, these additional filing requirements have
also given rise to many questions. For this reason, the IRS has created a
simple chart that breaks down the similarities and differences between the two
new reporting requirements.
For this reason, if you believe you may have a filing
requirement for an offshore account, check out this link. After reviewing the
FBAR reports, if you still believe you have a reporting requirement, contact
your CPA or attorney.
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