The Internal Revenue Service (IRS) has issued a last-minute reminder that anyone with financial accounts located overseas may need to file a Report of Foreign Bank and Financial Accounts, which is done by use of Form 114, by June 30, 2015.
Do you have to pay that tax penalty?
The answer to that question, as with so many things tax-related, is "It depends." The Internal Revenue Code imposes automatic penalties for many violations of the Code, in order to drive compliance.
Little House star subjected to tax lien
Many people believe that television and movie stars live on virtually unlimited incomes. Unfortunately, for some of those entertainers, they act as if that were a true statement, and sometimes run into problems from the taxman.
Lower penalties for FBAR noncompliance announced by IRS
In recent years, one of the more worrisome tax matters has been FBAR reporting. The Report of Foreign Bank and Financial Accounts (FBAR), which is a required filing for U.S. persons with financial accounts in a foreign country, where they either have an interest in the account or have signatory authority with the account and there the account is worth more than $10,000.
