Failure to Report Foreign Accounts is Illegal, IRS Warns


Maintaining a foreign bank or other financial account is not illegal. Such accounts are increasingly common, as the globe shrinks. However, in the case of U.S. citizens or residents (and certain non-residents), failing to report that the account…
By: Ballard Spahr LLP

via FATCA | JD Supra Law News http://bit.ly/1qx2Mi7