Professional FBAR consulting and filing by licensed tax attorneys and CPAs
If you are a U.S. citizen with offshore accounts exceeding $10,000 in value, it's vital you become familiar with FBAR filing (Report of Foreign Bank and Financial Accounts). As a requirement under the Bank Secrecy Act, the U.S. Department of Treasury under certain conditions requires you, the U.S. taxpayer with a foreign bank account, to file a FBAR form (FinCEN 114) by June 30th of every year disclosing your bank account value and earnings. Those eligible include U.S. citizens, resident aliens, trusts, estates, and domestic entities.
Types of foreign assets reportable:
- Bank accounts held at a foreign financial institution (FFI)
- Bank accounts held at a foreign branch of a U.S. financial institution
- Securities accounts
- Commodity futures or options accounts
- Insurance policies with a cash value
- Mutual funds or similar pooled funds
- Indirect interests in foreign financial assets through an entity
You are required to file a yearly FBAR if:
- You have a financial interest in or signature authority over at least one financial account located outside of the United States; and
- The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported. (irs.gov - Bank Secrecy Act)
Penalties for FBAR Delinquency (late or misfiled FBAR)
If you have an interest in financial accounts that require FBAR reporting and have not yet filed a FBAR form with the U.S. Department of Treasury, you are at risk of civil penalties and criminal prosecution, including:
- Up to a $10,000 civil penalty per "non-willful" violation
- Up to the greater of a $100,000 penalty or 50% of the amount in the account at the time of violation for "willful" violations
There are many factors that contribute to how the government perceives the severity of your FBAR delinquency, and our team of licensed International Tax Attorneys can provide clarity and resolution for your FBAR concerns.
Professional FBAR Resolution & Compliance for U.S. Taxpayers
As outlined above, proper and timely FBAR filing is important to prevent serious penalties by the U.S. Government. Don't put your offshore assets at risk, contact our FBAR compliance experts today and we'll take the following steps to formulate a comprehensive strategy for you:
FBAR Evaluation - We are available 7 days a week over the phone or by email. Contact us today to speak directly with our President, Tim Halcomb. He will schedule a time at your convenience to conduct a comprehensive conference with you and our team of international tax specialists. We will gather and evaluate all information necessary to construct a plan of action.
Cultivate Data - When you retain our services, our team of International Tax Attorneys will contact all appropriate U.S. government bureaus and financial institutions immediately to collect the necessary FBAR records.
Action Strategy - Once we collect and organize all pertinent information, we will construct and execute a personalized strategy to address any FBAR filing issues. This may include amending FBAR tax filings, or pursuing FBAR relief programs like OVDP. We will keep your personal information 100% confidential as we rectify your FBAR compliance status with the U.S. government. Our team of international tax professionals will keep you up-to-date with the progress of your case from start to finish.