FBAR (Foreign Bank Account Report) refers to TD F90-22.1 Report of Foreign Bank and Financial Accounts. In mid-2013, the form was renamed, and is now called FinCEN 114. It is an "Informational Return" that must be filed by "U.S. persons" if the person has an interest in, or signatory authority over a foreign "Financial Account", and the aggregate value of those accounts exceeds $10,000 at any time during the calendar year. An FBAR is authorized pursuant to Title 31 of the Bank Secrecy Act, which is not part of the Internal Revenue Code. The FBAR was due on June 30th for all years prior to 2015. In 2015, as part of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Congress changed the due date to April 15th, and provided for the first time the ability to request an extension of six months to October 15. Beginning July 1, 2013 all FBARs must be filed electronically.
An Informational Return refers to forms that do not have impact on your income tax, but failure to do so in a timely manner will have stiff penalties. Failure to file FBAR correctly and time has one of the harshest penalties in the US. The penalty can be up to $10,000 for each account if it is a non-willful violation. But if your violation is found to be willful, the penalty is the greater of $100,000 or 50 percent of the account value for each account! A U.S. person includes U.S. citizens, as well as permanent legal residents, i.e. green card holders. U.S. persons also include legal entities such as partnerships, corporations, and LLCs formed under U.S. law. It also includes trusts or estates formed under U.S. law. If you are unsure of whether or not you need to file an FBAR, you should consult with a qualified tax CPA who has experience with FBARs. The answers can be tricky, and the penalties for not filing can be extremely expensive as mentioned above. tax preparation services, tax preparation near me, tax filing, tax experts near me, tax deductions, tax cpa near me, tax consultant near me, tax consultant fees, tax and accounting services near me, tax advisory services, tax advisors for individuals, tax advisors, tax advisor near me, tax advisor, tax advisers, tax accountant near me, tax accountant help, tax accountant, specialist tax advice, small business accountant near me, reputable tax accountants near me, real estate tax accountant near me, |
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Phone: (424) 888-3878
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