Overview of U.S. taxes on foreign income for individuals
ThomsonReuters
OCTOBER 12, 2023
If the aggregate value of your foreign financial accounts, including bank accounts, exceeds $10,000 at any point during the tax year, you must file an FBAR to disclose these accounts. Failure to do so can result in severe penalties. The Foreign Account Tax Compliance Act (FATCA) is a U.S.
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