Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. While the biggest worry may be those for whom tax filings are ...

The IRS received a significant increase in operating funds after Congress passed the Inflation Reduction Act (IRA) in mid-2022. More recently, on September 8, 2023, the IRS announced that it would use ...

The United States Department of Treasury is again sharpening its sword upon crypto. In January 2021, the Department of Treasury’s Financial Crimes Enforcement Network issued Notice 2020-2. The Notice ...

U.S. citizens and permanent residents with bank accounts abroad may have to report those accounts to the U.S. government by June 30, 2014. The report is on form FinCen 114, titled the Report of ...

Limited partners and individual investors in private equity funds and hedge funds may remember last year’s FBAR scare: IRS officials created confusion as to whether investors in offshore private ...

IRVINE, Calif., Dec. 6, 2024 /PRNewswire/ -- The Foreign Bank Account Report (FBAR) is a critical compliance requirement under the Bank Secrecy Act (BSA), aimed at combating tax evasion and money ...

is a critical compliance requirement under the Bank Secrecy Act (BSA) , aimed at combating tax evasion and money laundering by requiring U.S. persons with foreign financial accounts to report them.