You may call us today to find out more information, free tax consultation with Tax Attorneys and Lawyers.
1-866-700-1040.
Many persons are just learning about FBAR so it is not surprising taxpayers are asking so many questions regarding the Foreign Bank and Financial Account Reporting.
FBAR took the world by storm when USB turned over to US authorities the names of there account holders. Fearing criminal prosecution many took the opportunity to come forward and report to avoid prison time.
Within the past 3 years 33,000 FBAR reporters came forward to file there FBAR reports and the IRS picked up over $5 Billion in total revenue. One CI Agent we spoke with said that the “5 Billion Big ones was just the tip of the iceberg.”
You will see a ramped up IRS in the future. With tons of money just waiting to be collected and thousands fearing criminal prosecution, FBAR is the new banner phase among the IRS.
Here are some answers to Frequently asked questions.
Amending your FBAR
How do you amend a previously filed FBAR ?
FBAR filers can amend a previously filed FBAR by:
a. checking the Amended box in the upper right-hand corner of the first page of the form;
b. making the needed additions or corrections;
c. make sure to staple it to a copy of the original FBAR, and
d. attaching a statement explaining the additions or corrections.
Form to File FBAR
What is the form to file for an FBAR?
An FBAR is a Report of Foreign Bank and Financial Accounts. The form number is TD- F 90-22.1. it is available on our website as a PDF.
Filing of an FBAR
Who must file an FBAR with the IRS?
Any United States person who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.
Foreign country.
What is a foreign country?
A “foreign country” includes all geographical areas outside the United States, the commonwealth of Puerto Rico, the commonwealth of the Northern Mariana Islands, and the territories and possessions of the United States (including Guam, American Samoa, and the United States Virgin Islands).
A United States Person
What is a United States person?
“United States person” includes a citizen or resident of the United States, a domestic partnership, a domestic corporation, and a domestic estate or trust.
Call us today and hear the truth.
