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 TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).
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. The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions. Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.
IRS has reported that since the inception of the FBAR Program the Federal Government has collected over $4.4 Billion. IRS is dedicating many more tax dollars and manpower because of the large stream of revenue this generates. Taxpayers should beware, the IRS is coming full force.
Fresh Start Tax L.L.C. is a professional tax firm specializing in tax services and relief for any IRS problems or tax situations pertaining to FBAR tax or Offshore Tax Issues. The U.S. Government has been very active in Offshore Activity and has dedicated millions of dollars to the FBAR cases for revenue source it generates in the form of civil and criminal penalties. Because of this the IRS is training many new agents to become specialist in FBAR. In addition, the Government has sought out the assistance of foreign countries in identifying expatriates who have interests in foreign financial accounts.
Anyone with $10,000 in one or more foreign financial accounts (determined by taking the maximum balance of each account at any time during the year, summing the maximums, and comparing the sum to $10,000) must file Form TD F 90-22.1 (the FBAR). The form must be received on or before June 30th, so that means you need to take care of this now if this reporting requirement applies to you. There are no extensions available for the FBAR.
• Delinquent FBAR Reports
• FBAR Penalty Abatement
• Statement of Specified Foreign Financial Assets (Form 8938)
• RRSP and RRIF (Form 8891)
• FATCA compliance issues
• IRS representation
• Compliance issues related to renunciation of US citizenship or resident alien status
1. We are comprised of Board Certified Tax Attorneys, Tax Lawyers, CPA’s and Former IRS Agents and Tax Managers.
2. When employed by the IRS we taught Tax Law to new IRS Agents.
3. We have over 205 years of professional tax experience and over 60 years of direct Internal Revenue Service experience in the local, district and regional offices of the IRS.
4. We are “A” rated by the Better Business Bureau.
5. Because of our vast experience at the IRS we know all the tax policies and tax procedures that govern FBAR.
Call Now to setup a consultation and solve your Expatriate Tax problems: 866-700-1040