FBAR – Tax Attorneys, CPAs, Former IRS – Miami, Ft.Lauderdale, Palm Beaches – IRS Tax Experts 954-492-0088
Hire True FBAR Local Experts!
We are a Professional Tax Firm specializing in FBAR cases and IRS Tax Representation.
We are experts in the field and all information that comes to us is covered under “attorney-client privilege.
We are comprised of Board Certified Tax Attorneys, CPA’s and Former IRS Agents and Managers.
We are staffed with Former IRS Audit Managers as well as Former IRS Appellate Officers. We have a combined 205 years of direct IRS tax experience and over 60 years of working in the local South Florida IRS offices as well as in the district and regional offices.
When employed by the IRS we were teaching Agents that taught Tax Law at the IRS.
What is FBAR?
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 required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions.
The tool of 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 IRS has been very aggressive in working the FBAR cases because of the large review brought in by these cases.
Federal Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.
Foreign Bank and Financial Accounts Report (FBAR) Responsibilities
The Financial Crimes Enforcement Network (FinCEN) today issued a rule that amends the Bank Secrecy Act (BSA) implementing regulations regarding the Report of Foreign Bank and Financial Accounts (FBAR).
FBAR Requirements
The FBAR filing requirements, authorized under one of the original provisions of the BSA, have been in place since 1972. The FBAR form is used to report a financial interest in, or signature or other authority over, one or more financial accounts in foreign countries. No report is required if the aggregate value of the accounts does not exceed $10,000.
On February 26, 2010, FinCEN issued a Notice of Proposed Rule making (NPRM) addressing the FBAR rules.
The final rule adopts the proposed changes with slight modifications. The preamble to the final rule explains FinCEN’s approach to issues raised in comments submitted in response to the NPRM from tax professionals and industry experts.
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FBAR – Tax Attorneys, CPAs, Former IRS – Miami, Ft.Lauderdale, Palm Beaches – IRS Tax Experts – South Florida
