Discover all the tax services we offer
Get an instance service estimate
Comprehensive guides on everything you need to know from planning your expat journey to filing your expat taxes with ease.
Our Country Guides will help you understand the ins and out of your specific U.S. expat tax requirements.
Access up-to-date articles, breaking news, deadline information and in-depth case studies on US expat taxes.
Get the answers to all your questions and browse Greenback’s most frequently asked customer questions.
Sign up for one of our live webinars hosted by our expert accountant team or watch one on-demand today.
Subscribe to our monthly newsletter to get money-saving tips, expat tax news, and exclusive promos.
Learn how our straightforward pricing, easy process, and an expert team makes us uniquely qualified to simplify the hassle of expat tax filing.
We’ve assembled a team only the most experienced, knowledgeable, and friendly CPAs and IRS Enrolled Agents our clients can trust.
Read our client testimonials to get a feel for the Greenback experience straight from the expats we’ve worked with.
We’re featured in many reliable news sources thanks to our reputation as experts on US taxes abroad.
Whatever your expat tax needs, wheverver in the world, we’d love to hear from you.
In a recent landmark ruling, the Supreme Court has ruled in favor of taxpayers regarding Foreign Bank and Financial Accounts (FBAR) penalties. This decision marks a significant victory for taxpayers who may have been subject to steep fines for failing to report foreign bank accounts.
Foreign Bank and Financial Accounts (FBAR) penalties have been a major concern for US taxpayers with foreign bank accounts. Failure to report foreign bank accounts worth $10,000 or more can result in severe penalties, including the potential forfeiture of up to 50% of the account balance per year. However, in a recent landmark ruling, the Supreme Court has ruled in favor of taxpayers regarding FBAR penalties, marking a significant victory for them.
The FBAR law requires US taxpayers to report any foreign bank accounts with an aggregate value of $10,000 or more. If a taxpayer fails to report their foreign bank account, the penalties can be severe. In some cases, it could result in forfeiture of up to 50% of the account balance per year.
In a recent case, the Supreme Court has provided relief to taxpayers by ruling that the government cannot impose FBAR penalties as a “one-size-fits-all” punishment. Instead, the court has affirmed that the penalties must be proportional to the violation. This ruling is a significant development for taxpayers who may have been subject to steep FBAR penalties, as it could reduce the number of penalties assessed.
It’s essential to report foreign bank accounts accurately and promptly for US taxpayers with foreign bank accounts to avoid substantial penalties and other legal consequences.
The Supreme Court’s recent ruling on FBAR penalties is a significant development for US taxpayers. By affirming that penalties must be proportionate to the violation at hand, the court has provided greater clarity and protection for taxpayers who may have been subject to steep penalties for failing to report foreign bank accounts. It also highlights the importance of seeking expert tax advice to help navigate the complexities of US tax law and ensure compliance with all relevant regulations.
This ruling underscores the importance of having a knowledgeable tax professional who can navigate the complexities of US tax law and advocate for the best possible outcome. Seeking expert tax advice can help taxpayers ensure compliance with all relevant regulations.
If you’d like to learn more about FBAR filing requirements, contact us, and one of our customer champions will be happy to help.
If you need very specific advice on your specific tax situation, you can also click below to get a consultation with one of our expat tax experts.
Use our simple excel calculator to get an estimate of how the foreign earned income exclusion will save you money. It will make your day!