https://www.natlawreview.com/article...e-requirements
Report Foreign Accounts. If you have an interest in any foreign bank, securities, or other financial accounts, pay attention. Even a signature power is enough, although it is not your money. For all of these, you must file an annual FBAR if the aggregate value of the accounts at any point in the calendar year exceeds $10,000. Penalties are huge.FBAR penalties can swallow entire accounts (yes, 100%), and criminal penalties can include up to 10 years in prison. The indictment says that Manafort and Gates told their tax professionals they did not have foreign accounts. The indictment says both men willfully failed to file the forms.: https://www.forbes.com/sites/robertw...rt-indictment/https://www.washingtonexaminer.com/p...gh-end-vendors
Report Foreign Accounts. If you have an interest in any foreign bank, securities, or other financial accounts, pay attention. Even a signature power is enough, although it is not your money. For all of these, you must file an annual FBAR if the aggregate value of the accounts at any point in the calendar year exceeds $10,000. Penalties are huge.FBAR penalties can swallow entire accounts (yes, 100%), and criminal penalties can include up to 10 years in prison. The indictment says that Manafort and Gates told their tax professionals they did not have foreign accounts. The indictment says both men willfully failed to file the forms.: https://www.forbes.com/sites/robertw...rt-indictment/https://www.washingtonexaminer.com/p...gh-end-vendors
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