Tax Resolution Service Company – A+ BBB Rating, Tax Resolution Firm, Former IRS 1-866-700-1040
We are comprised to Tax Attorneys, Tax Lawyers and Former IRS agents who specialize in FBAR.
We have over 206 years of professional tax experience and over 60 years with the IRS. We are true FBAR tax experts. Call us for a no cost consult. 1-866-700-1040.
We can take the stress and worry out of this FBAR process. Our Tax Attorneys and Tax Lawyers of some of the best.
What is FBAR?
F BAR is the new tool of the United States Government to collect billions of dollars from taxpayers with monies overseas.
F BAR reporting will be well scrutinized by the IRS starting 2013. Since the crack down of FBAR reporting three year ago the IRS announced two amnesty programs resulting in 33,000 persons submitting to voluntary filing. IRS collected over $5.5 Billion from this FBAR Program. More is coming.
It is very important to file before IRS contacts you. By doing this, you can avoid criminal prosecution if there is no willful intent.
Should the IRS contact you before you file contact us immediately.
Link to download F BAR Report Form – http://www.irs.gov/pub/irs-pdf/f90221.pdf
Who Should File an FBAR?
United States persons, taxpayers, are required to file an FBAR if:
- The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
- The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.
United States person means United States citizens;
United States residents; entities, including but not limited to, corporations, partnerships, or
limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.
Exceptions to the Reporting FBAR Requirement
There are FBAR filing exceptions for the following United States persons or foreign financial accounts:
- Certain foreign financial accounts jointly owned by spouses;
- United States persons included in a consolidated FBAR;
- Correspondent/nostro accounts;
- Foreign financial accounts owned by a governmental entity;
- Foreign financial accounts owned by an international financial institution;
- IRA owners and beneficiaries;
- Participants in and beneficiaries of tax-qualified retirement plans;
- Certain individuals with signature authority over but no financial interest in a foreign financial account;
- Trust beneficiaries; and
- Foreign financial accounts maintained on a United States military banking facility.
FBAR Reporting and Filing Information
A person who holds a foreign financial account may have a reporting obligation even though the account produces no taxable income.
By checking the appropriate block on F BAR-related federal tax return or information return questions (for example, on Schedule B of Form 1040, the “Other Information” section of Form 1041, Schedule B of Form 1065, and Schedule N of Form 1120) and filing the FBAR, satisfies the account holder’s reporting obligation.
The FBAR is not filed with the filer’s federal income tax return.
Remember, the granting, by the IRS, of an extension to file federal income tax returns does not extend the due date for filing an FBAR.
Call us if you have any questions, 1-866-700-1040. you can speak directly to Tax Attorneys and Former IRS agents.
