Are FBAR Penalties Legal? Insights from West Virginia v. EPA

Introduction to FBAR and Its Purpose The Foreign Bank and Financial Accounts Report (FBAR) is a compliance requirement created under the Bank Secrecy Act (BSA) of 1970. It mandates that U.S. persons—including citizens, residents, and domestic entities—must report any financial interest in, or authority over, foreign bank or financial accounts if the aggregate value of […]

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