Are Closed Foreign Accounts Reported on an FBAR?

As the FBAR (Report of Foreign Bank and Financial Accounts) due date rapidly approached (April 15th), we often receive the question of whether closed accounts need to be reported on a FBAR. The answer is — yes: If the account was opened at all during the prior year (example: 2016), then it must be reported on…


Do Dual Citizens Have to Report Foreign Income to the IRS?

Yes. And this is a very common misconception for individuals who are considered dual citizens. Let’s take David, a dual citizen in both China and in the United States.   David has numerous accounts in China and Hong Kong. As such, David reports his foreign income from China and Hong Kong in their respective countries —…