Reporting Foreign Accounts and Offshore Assets

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Are you in Compliance for 2015? If you are a U.S. person it is important to make sure that you are properly disclosing foreign accounts and offshore assets to avoid substantial penalties. A U.S. person must file the FinCEN Form 114 Report of Foreign Bank and Financial Accounts (“FBAR”) to disclose foreign accounts if the highest aggregate balance or value of all reportable accounts exceeds $10,000 USD during the calendar year. Other accounts such as foreign pension and retirement plan accounts, insurance policies and annuities are considered to be reportable accounts in addition to foreign bank deposit and investment …read more

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