Do my Korean bank accounts really need to be reported on FBAR? Yes — any U.S. person whose foreign financial accounts (including Toss, KakaoBank, KEB Hana, Kookmin, or a Korean brokerage) together exceed $10,000 at any point during the calendar year must file FinCEN Form 114. The $10,000 test is measured across all accounts combined,…
Do I still need to file a FinCEN BOI report in 2026? Almost certainly not — if your company was formed in a U.S. state. The FinCEN BOI final rule (effective August 14, 2026) exempts every domestic reporting company and every U.S. person beneficial owner from BOI reporting. Only foreign entities registered to do business…
Do U.S. small businesses still have to file BOI with FinCEN in 2026? Not right now. Under Treasury’s March 2025 interim final rule, FinCEN BOI reporting applies only to foreign reporting companies. Domestic entities and U.S. citizens are exempt while FinCEN works to finalize the rule. The Corporate Transparency Act was supposed to be one…
