FBAR Filing & Compliance Services
Are you a U.S. taxpayer with offshore accounts and haven't filed a FBAR form? (FinCEN 114)
Have you gotten letters from the IRS or your financial institutions informing you of FBAR filing requirements or violations?
Do you plan on opening an offshore bank account and need FBAR consulting?
The international tax compliance experts at Pure Tax International will help you get in good standing with the government FBAR (Report of Foreign Bank and Financial Accounts) regulations now, and for the life of your offshore accounts.
Are You Required to File an FBAR?
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.
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)
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
Am I At Risk of FBAR Penalties?
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.
Penalties for FBAR Violations:
- 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.
Resolve Your FBAR Compliance Matters Today!
When you contact Pure Tax International today, we will perform a comprehensive strategy to evaluate and resolve your FBAR issues:
Step 1 - FBAR EvaluationIf you have FBAR compliance issues or concerns, 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.
Step 2 - Cultivate Necessary DataWhen 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.
Step 3 - Execute FBAR Compliance StrategyOnce we collect and organize all pertinent information, we will construct and execute a personalized strategy to address any FBAR compliance issues. 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.
Call us today to speak directly with our President, Tim Halcomb
Or, fill out our appointment request form