If you’re a U.S. taxpayer with a bank account outside the country, you may need file an FBAR, which is used to report foreign account information to the U.S. government. Failure to file can result in severe penalties, with fines as high as $100,000 or 50% of the account's balance.
The new US tax reforms represent the largest overhaul to the country’s tax code in more than three decades. They not only significantly lower US corporate tax rates, they change how multinationals are taxed on their non-US operations and their cross-border transactions. Understanding and following with the new rules will create challenges for multinationals. Those that fail to comply will risk financial and reputational damage, and those that fail to take advantage of new benefits will leave money on the table.