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Foreign Bank Account Reporting      
Filing Deadline was June 30, 2016

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions. The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law. Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.

Who Must File an FBAR?

United States persons are required to file an FBAR if:
  • The United States person had 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 to be reported.

United States person means United States citizens; United States residents; entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

Failing to file the Report of Foreign Bank and Financial Accounts (FBAR),  can result in severe civil and/or criminal penalties.     Although the deadline was June 30, 2016, they still can be filed.   If caught, you could face stiff penalties and fines for failing to file an FBAR.

We are here to help.  We are a BSA E-Filing Approved service provider.

Should you need help filing your foreign bank account reporting, we will be glad to help.   As an Bank Secrecy Act (BSA) E-Filing approved service provider, We can assist you in assessing your FBAR filing requirements and e-filing your form(s).

Please contact us to address your FBAR tax needs.

We prepare individual, corporate, and partnership tax returns for
  • High net worth clients,
  • Closely held businesses,
  • Entrepeneurs,
  • Entrepreneurial companies, and
  • Professional firms.

We also timely respond to IRS and state correspondence and represent our clients in IRS and state examinations. When you work with us, we will communicate directly with you. With the ever changing economy and complex maze  of tax laws, we will use our expertise to identify and implement the best tax planning opportunities that are appropriate for your situation and then determine the appropriate tax methods and identify what tax savings and opportunities and are available for you.

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