FBAR Help – Exceptions to FBAR Filing – Lawyers, Attorneys – FBAR Consultants
As taxpayers learn about FBAR and filing requirements Fresh Start Tax LLC wants everyone to be aware of what exceptions there are to FBAR reporting.
Being Former IRS Agents, Attorneys and CPA’s we are well aware that the public is being educated on FBAR reporting. 33,000 reporters came forward over the past three years and IRS expects a hundred thousand should have easily came running forward.
Most taxpayers are learning for the very first time that any United States person that had a financial interest in or signature authority over at least one financial account located outside of the United States; and that the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year are to report on a FBAR report.
This is a very low threshold but the IRS wants there hands in everything. They watch out for multiple accounts with reporters setting up several accounts with just under $10K to avoid detection.
There are exceptions to FBAR reporting.
Exceptions to the FBAR reporting requirements can be found in the FBAR instructions.
There are filing exceptions for the following United States persons or foreign financial accounts:
1. For financial accounts jointly owned by spouses;
2. United States persons included in a consolidated FBAR;
3. Correspondent/nostro accounts;
4. Foreign financial accounts owned by a governmental entity;
5. Foreign financial accounts owned by an international financial institution;
6. IRA owners and beneficiaries;
7. Participants in and beneficiaries of tax-qualified retirement plans;
a. Certain individuals with signature authority over but no financial interest in a foreign financial account;
8. Trust beneficiaries,
9. Foreign financial accounts maintained on a United States military banking facility.
Look to the FBAR instructions to determine eligibility for an exception and to review exception requirements.
If you are looking for IRS Tax Help for FBAR or exceptions to FBAR, call us today for a no cost consult and hear the truth. 1-866-700-1040.
FBAR Help , Exceptions to FBAR Filing, Lawyers, Attorneys, FBAR Consultants, Former IRS
