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If you have a financial interest in or signature authority over a foreign financial account exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the IRS by filing a Financial Crimes Enforcement Network (FinCEN) Form 114 (“Report of...

The deadline is fast approaching for certain taxpayers to report accounts they hold in foreign banks and other financial institutions. You also may be required to report foreign accounts over which you have signature authority, such as an account that you maintain on behalf of a...

Despite reduced resources due to recent budget cuts, the IRS is continuing its efforts to deter illegal tax evasion schemes. Instead of announcing its annual list of the “Dirty Dozen” tax scams for 2015 in one fell swoop, the agency is issuing a press release for each...

The IRS recently announced that it has made it easier for taxpayers who hold interests in either of two popular Canadian retirement plans to get favorable U.S. tax treatment. The tax agency also took additional steps to simplify procedures for U.S. taxpayers with thes...