FBAR FORM – FBAR Tax Help – FBAR Attorney Experts
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What is FBAR Foreign Bank Account Reporting
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).
The FBAR is required because foreign financial institutions may not be 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 United States law.
Federal Tax Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.
Tax Filers report their foreign accounts by:
1. Completing boxes 7a and 7b on Form 1040 Schedule B, box 3 on the Form 1041 “Other Information” section, box 10 on Form 1065 Schedule B, or boxes 6a and 6b on Form 1120 Schedule N and
2. Completing Form TD F 90-22.1 (PDF). You can find that form on our website, under IRS forms, home page.
Due Date for FBAR
The FBAR is due by June 30 of the year following the year that the account holder meets the $10,000 threshold. The granting, by IRS, of an extension to file Federal income tax returns does not extend the due date for filing an FBAR.
No extensions allowed
Tax Filers cannot request an extension of the FBAR due date. the filing of this form is not like the filing of a tax return, it has its own set of guidelines.
If you do not have all the information
If a tax filer does not have all the available information to file the return by June 30, they should file as complete a return as they can and amend the document when the additional or new information becomes available.
Important to all taxpayers thinking whether to file FBAR
You should know the FEDs are on a terror for non-filers of FBAR and they have become possessed. Keep in mind our the first to FBAR programs or initiatives the FEDS collected over $5.5 billion big ones. With this type of money lining the Foreign Bank Accounts and Financial Institutions IRS is not far behind.
You will be seeing many more prosecutions and news in the days and months to come.My advise to you, contact the IRS before they contact you.
Free tax consultation available for questions regarding your FBAR issues. 1-866-700-1040.
FBAR FORM – FBAR Tax Help – FBAR Attorney Experts
