Explore BrainMass

Explore BrainMass

    Foreign Bank Account Reporting (FBAR)

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Please Provide 3 arguments for the current FBAR rules/penalties, and 3 arguments against the FBAR rules/penalties.

    © BrainMass Inc. brainmass.com June 4, 2020, 2:33 am ad1c9bdddf
    https://brainmass.com/business/accounting/foreign-bank-account-reporting-fbar-466188

    Solution Preview

    Arguments for FBAR rules and penalties

    1. Taxation on the earnings of foreign assets has not been collected by the IRS because they have not been reported on US tax returns.

    2. Non disclosure of foreign assets by US taxpayers doesn't allow for collection of funds to pay US obligations including federal or state tax, judgments and other ...

    Solution Summary

    The 208 word cited solution provides four arguments for and four arguments against the FBAR rules.

    $2.19

    ADVERTISEMENT