FBAR is the new beast of the Internal Revenue Service.

This reporting form has been a wake up call those taxpayers and persons required to file FBAR reports. It is critical to those needing to file back tax returns to get to work and make sure you have full tax representation before engaging the Internal Revenue Service.

Call us today to hear more about filing and amending FBAR and back tax returns. 1-866-700-1040. Speak to tax attorneys, tax lawyers and former IRS Agents. We are your FBAR tax experts and resource center for FBAR Help.

Information about FBAR

What is the FBAR?

The FBAR is not a tax return.

FBAR is a report filed with the IRS  stating that the person filing has a financial interest in, or signatory authority over, financial accounts in a foreign country with an aggregate value exceeding $10,000 at any time during the taxable year, remember that is a aggregate value.

As part of the FBAR reporting requirement, persons or individuals are instructed to indicate on their Form 1040, Schedule B, Part III whether the individual has an interest in a financial account in a foreign country by checking “Yes or “No” in the appropriate box.

The Schedule B will then direct the taxpayer ( individuals ) to the FBAR, which is used to report a financial interest in or authority over bank accounts in a foreign country.Call us if you are not sure about the foreign country application.

The deadline for filing an FBAR for each calendar year is on or before June 30th the following year, no later dates are given.

The FBAR is not attached to the taxpayer’s individual income tax return.

It is therefore not subject to the stringent disclosure restrictions of Internal Revenue Code  and the information contained in the FBAR can be shared with other Federal, State and government agencies, other local agencies and authorities.

The instructions to the FBAR explain how tax compliance with the federal statute is accomplished and sets forth the details and the required information and those person(s) obligated to comply with the FBAR reporting requirements as prescribed under the code.

How to amend your FBAR.

Taxpayers or individuals  who have previously filed a FBAR form can amend a previously filed FBAR by doing the following:

1. Checking the Amended box in the upper right-hand corner of the first page of the form,

2. Making the needed additions or corrections,

3. Stapling it to a copy of the original FBAR,

4. Attaching a statement explaining the additions or corrections.

Call us today to speak directly  to tax attorneys, tax lawyers and former IRS agents who are tax experts in FBAR and all other IRS matters.

Call at 1-866-700-1040. Free tax consults.