Find IRS before they find you. That is the best free advice I can give any person is should be filing the FBAR report form.
FBAR Program is the new revenue generator of the IRS. 33,000 persons came forward over the last 3 years and this is just the beginning.
Call us today for a no cost professional representation. We can provide affordable tax help, negotiate your tax debt, and settle your case. 1-866-700-1040.
We are comprised of Board Certified Tax Attorneys, CPA’s and Former IRS agents. We have over 206 years of professional tax experience. We have over 60 years of working directly for the IRS.
We are one of the most experienced professional tax firms in dealing with IRS FBAR problems.
We taught Tax Law at the IRS. We know the inside working of the IRS.
This FBAR Program collected over $5 billion in the first 3 years of implementation.
This FBAR Program is here to stay. IRS has just received over $250 million dollars in funding for tax compliance alone and many of those new tax dollars will be spent chasing tax evaders down both local and overseas.
What are FBAR Filing requirements that you need to know:
The filing requirements apply to any “United States person”, which is defined as those who fit into one of the following categories:
1. A Citizen of the United States,
2.Green Card Holders,
3.Foreign person residing in the US for extended periods of time which includes H-1B, L-1, TN and other Visa holders,
4.Domestic Partnerships,
5.Domestic Corporations,
6.Domestic Trusts,
7.Individuals that have signing authority over a non-US account.
FBAR filing requirements also apply to those with direct or indirect control over a foreign or domestic entity.
Foreign Financial Accounts
Foreign “financial accounts” include a wide variety of items, such as:
a.Bank accounts (savings, demand, checking, deposit or any other account maintained b.with a financial institution)
c.Securities or brokerage accounts
d.Mutual funds
e.Debit and Prepaid Credit Cards maintained with a financial institution
f.Certain types of Annuities or pension accounts
g.Retirement Plans
h.Interests in partnerships, trust or other pass-through entities having foreign accounts.
There are certain exceptions to the FBAR reporting requirement:
There are filing exceptions for the following United States persons or foreign financial accounts:
1. Certain foreign 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;
8.Certain individuals with signature authority over but no financial interest in a foreign financial account;
9.Trust beneficiaries; and
10.Foreign financial accounts maintained on a United States military banking facility.
Call us today to find out more. Consults are free, 1-866-700-1040.
