As a business owner, you take great pride in your ability to provide your clients with a high level of service.
There is no denying that paying taxes is part of life. It doesn't matter where you live or how much money you earn; it's almost guaranteed that you're required to pay your fair share.
Just about anyone who has a foreign bank account is aware of the importance of reporting these accounts to the U.S. federal government. According to the Bank Secrecy Act, any citizen or resident of the United States with signature authority or financial interest over any financial account in another country with an aggregate value that exceeds $10,000 at any point during the year needs to file a FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR).