Keeping money overseas, making money overseas, and having overseas investors all adds a level of complexity to your business. If you need to pay expenses, employees, or taxes due in foreign currency, you likely need to have foreign accounts. If you do business overseas, you likely need to pay foreign taxes. If your US based business has a foreign owner, you might have specialized tax reporting requirements. In a globalized world, issues of foreign accounts and taxes are less obscure and more part of general business.
What Is the FBAR? FBAR (Report of Foreign Bank and Financial Accounts) is required filing to report foreign bank account information. This information is reported to the Department of the [...]