Find an Expert Witness

Forensic, General & Medical
Expert Witnesses

The Bank Secrecy Act Requires a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR)

U.S. persons to avoid taxes by hiding money offshore. The FBAR covers a calendar year and must be filed no later than June 30th of the following year and includes any interest a U.S. person has. The Bank Secrecy Act requires that a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), be filed if the aggregate balances of such foreign accounts exceed $10,000 at any time during the year.

This form is used as part of the IRS's enforcement initiative against abusive offshore transactions and attempts by

· Offshore bank accounts;
· Offshore mutual funds;
· Offshore hedge funds;
· Offshore variable universal life insurance policies;
· Offshore variable annuities a/k/a Swiss Annuities;
· Debit card and prepaid credit card offshore accounts.

The information provided herein is not intended as legal, accounting, financial or any type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.

By Lance Wallach, CLU, CHFC
Abusive Tax Shelter, Listed Transaction, Reportable Transaction Expert Witness
Lance Wallach, CLU, ChFC, CIMC, speaks and writes extensively about financial planning, retirement plans, and tax reduction strategies. He is an American Institute of CPA’s course developer and instructor and has authored numerous best selling books about abusive tax shelters, IRS crackdowns and attacks and other tax matters. He speaks at more than 20 national conventions annually and writes for more than 50 national publications.

Copyright Lance Wallach, CLU, CHFC

Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer.For specific technical or legal advice on the information provided and related topics, please contact the author.

Find an Expert Witness