Filing for a Foreign Bank Accounting Report (FBAR) is due on June 30th for the prior calendar year. If you don't file FBAR or file it incorrectly, the consequences can be penalties of $10,000 per violation. If you're confused about how to file FBAR, Delerme CPA can help. We'll work with you to prepare and file the necessary documentation on time to avoid penalties.
Current U.S. tax regulations state that FBAR must be filed when a person has a financial interest in or signature authority over any financial accounts located outside the United States or the aggregate value of all foreign accounts exceeded $10,000 at any time during a calendar year.
Individual including U.S. citizens and residents must file FBAR each year. Also businesses such as corporations, partnerships, and LLCs created or organized in the U.S. or under its laws are responsible for filing FBAR. Trusts and estates formed under the laws of the U.S. are also required to file FBAR.
There are certain exceptions to the FBAR reporting requirement that are outlined in more detail in the FBAR instructions. Exceptions include foreign accounts jointly owned by spouses, people included in a consolidated FBAR, nostro accounts, foreign financial accounts owned by an international financial institution or government entity, IRA owners and beneficiaries, participants and beneficiaries of tax-qualified plans and others.
The IRS is searching for individuals and businesses that have failed to report foreign income. If your FBAR filing is late, contact Delerme CPA right away. We specialize in helping taxpayers that have neglected to file FBARs for income reported on their tax returns. If the IRS is coming after you for high penalties and interest, don’t try to ignore them, turn to us and we’ll find a way to solve your foreign tax problems before they get out of hand.
Contact Delerme CPA at 404-445-8095 today to discuss your FBAR needs with an experienced international tax CPA firm.