On 1/8/25, the National Taxpayer Advocate (NTA) published its 2024 Annual Report to Congress and identified taxpayers’ ...

A common strategy many wealth management firms recommend is ensuring that as much as 30% of your portfolio includes foreign ...

Martinez says if you had more than $10,000 in a checking, savings, or investment account overseas, you’ll have to file a report of Foreign Bank and Financial Accounts, or FinCEN Form 114.

Expert in Outsourced Finance and Accounting Services Stay compliant with 2025 tax deadlines and avoid penalties with expe ...

Tax filing season starts on January 27th, with this year’s season bringing some new requirements, according to Tyler CPA Juan Martinez.

Further, you would be obligated to include this on your foreign reporting requirements – FinCEN 114 and perhaps IRS Form 8938 – depending on your U.S. tax filing status and threshold amounts ...

Disclosure is crucial to keep your banking legal. Griffith mentioned two forms that must be used to disclose offshore income: FinCen Form 114: FinCen is the U.S. Treasury’s Financial Crimes ...

Ignoring these requirements can lead to severe penalties, even if you owe no taxes. What you need to know File Form FinCEN 114 if the combined value of your foreign accounts exceeds $10,000 at any ...

If an injunction is lifted, FinCEN will extend BOI filing deadlines for 30 days and reassess the types of companies required to file beneficial ownership information reports, the government said in ...