FBAR – Tax Attorneys, Experts in FBAR Representation – Filing, Negotiation, Settlements Former IRS.
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We are FBAR Tax Experts. We we staffed with Tax Attorneys, Lawyers, CPA’s and Former IRS agents who have 60 years of direct work experience at the IRS in the local, district and regional offices of the IRS.
We have a total of 205 years of professional tax experience in all areas of the IRS including FBAR Representation, FBAR Filing, FBAR Negotiations, FBAR Tax Audits, FBAR Settlements,
FBAR and what you need to know.
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). With Foreign Financial Instructions now reporting to the IRS it is critical to follow up and file your FBAR 90-22.1
The FBAR is required because foreign financial institutions are not usually subject to the same reporting requirements as domestic financial institutions.
The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent, hide, evade or deceive with criminal intent the United States Tax Laws.
The FBAR Program to date has yielded the Federal Government over $5 Billion when over 33,000 persons came forward.
Our Tax Attorneys who are experts in RBAR Representation can steer you away from trouble and worry.
Common Questions ask regarding FBAR.
What happens if an account holder is required to file an FBAR and fails to do so?
The failure to file an FBAR when required to do so can potentially result in civil penalties, criminal penalties or both. If you learn you were required to file FBARs for earlier years, you should file the delinquent FBAR reports and attach a statement explaining why the reports are filed late.
No penalty will be asserted if the IRS determines that the late filings were due to reasonable cause. Keep copies of what you send for your records.
Can cumulative FBAR penalties exceed the amount in a taxpayer’s foreign accounts?
May civil penalties be assessed?
Yes, under the penalty provisions found in 31 U.S.C. 5314(a)(5), it is possible to assert civil penalties for FBAR violations in amounts that exceed the balance in the foreign financial account.
How long should account holders retain records of the foreign accounts?
Records of accounts required to be reported on an FBAR must be retained for a period of five years. Failure to maintain required records may result in civil penalties, criminal penalties or both.
FBAR, Tax Attorneys, Experts in FBAR Representation, Filing, Negotiation, Settlements, Former IRS
