Foreign Bank Account Report
FBAR (Foreign Bank Account Report) is an obligation for every US individual, corporation, partnership, limited liability company, trust & estate, and business entity of the United States who owns overseas foreign financial assets having a worth of $10,000 or more at any point during the calendar year. It is an annual report of foreign financial accounts and must be filed by submitting a report of foreign bank and financial accounts on FinCEN form 114, with the United States Treasury Department.
If you fail to file your annual FBAR report on the due date due, you are subject to civil monetary penalties and possible criminal penalties for FBAR reporting and recordkeeping violations. The good news is that you can get a reasonable solution from our FBAR lawyers if you made a mistake and did not file the report. We have extensive experience in Foreign Bank Account Report issues. We have solved numerous complicated FBAR filing issues by providing unquestionable solutions and the credit goes to our experienced and dedicated lawyers. We provide the practical solutions that are reasonable and indisputable, and therefore we are the leading Tax Law Firm in New York state and the whole United States.
Receive Help From Our Expert FBAR Lawyers
Whether you are a first-time FBAR filer, or you are experienced in filing Foreign Bank Account Reports, you always need the support of a legally experienced FBAR lawyer. An experienced tax attorney deeply examines the issues with your FBAR disclosures and provides an indisputable solution the first time. Our tax attorneys specialize specifically in the offshore bank account and financial account problems. They help with avoiding, mitigating, and minimizing foreign bank and financial account penalties, including penalties related to foreign assets, accounts & investments. Call our lawyers for a free consultation and get the best solution available.
Ask Our Tax Attorneys
Who Must File an FBAR?
Every individual (citizen or green card holder of the United States), corporation, partnership, limited liability company, trust & estate owning foreign financial accounts worth $10,000 or more, including bank accounts, and other financial accounts (insurance policies, pensions) must file a FBAR report.
What happens if you don’t file FBAR?
If you fail to file your FBAR on the due date, it can lead you (as an individual and business entity) to pay a civil penalty of $12,921 on each non-willful violation of the filing requirement. On the other hand, if the failure of FBAR filing is found to be a willful violation, the civil penalty will be the greater of $129,210 (or 50% of the account balance). There is also the potential for criminal penalties.
What is the last date to file FBAR?
FBAR is an annual report. The last date to file the FBAR is April 15th for every year. However, if you fail to file your foreign bank account report on the due date, you will automatically receive an extension until October 15th to file. In case you are facing any issues with your foreign bank account report, you can receive help from our expert FBAR lawyers.
Do I have to report foreign bank accounts to the United States Treasury Department?
Yes! You must report foreign bank accounts and financial accounts you hold to the United States Treasury Department if the total balance of all your foreign accounts reaches worth $10,000 at any point of a calendar year. If you do not report to the United States Treasury Department, legal action can be taken against you (as an individual and business entity), and as discussed above the monetary penalties are very high.
How does an FBAR lawyer help to file FBAR?
An FBAR lawyer is a legally experienced lawyer, having expertise in dealing with offshore bank accounts and financial account problems. He/she ensures either to avoid or reduce the civil penalties and make your FBAR filings correct. Receive help from our expert tax attorneys for the smooth process of filing FBAR with the United States Treasury Department.
We Can Help You No Matter Where You Live.
Our New York tax law firm offices are located in New York State but we are able to help you in any state across the country. We can work with you no matter where you live. Mr. Hart is licensed to deal with the IRS in every state in the entire country.