FBAR Reporting Requirements Explained
A U.S. person may have to file FinCEN Form 114 when the combined maximum value of qualifying foreign financial accounts exceeds $10,000 at any time during the calendar year, even if no individual account exceeds that amount. A temporary spike or several modest accounts can therefore create an FBAR filing obligation. You may be dealing […]
1040 Schedule B: A Guide to Interest & Dividends
If your total taxable interest or ordinary dividends exceed $1,500 for the year, you generally need to file 1040 schedule b with your tax return. That rule applies to the combined total, so interest and dividends can add up to the filing requirement even when neither one looks large on its own. A lot of […]