Posts tagged federal audits.
All U.S. citizens and permanent residents are required to annually file a U.S. income tax return reporting their worldwide income from all sources. Additionally, U.S. citizens and permanent who have an interest in or signatory authority over foreign bank and financial accounts holding $10,000 or more at any time during the year must independently identify and report these interests to the U.S. Department of Treasury's Financial Crimes Enforcement Network ("FinCEN"). This annual disclosure must be filed electronically using Form 114, Report of Foreign Bank and Financial ...