by Fresh Start Tax | Mar 6, 2013 | FBAR
FBAR – Do you need to File a FBAR – Tax Attorneys, Tax Lawyers, FBAR Experts 1-866-700-1040
Have FBAR Experts Tax Attorneys and Tax Lawyers offer you a free tax consultation.
If you have any questions about FBAR reporting please feel free to call our office for a free initial tax consultation.
We are comprised of Tax Attorneys, Tax Lawyers, CPAs and former IRS agents and managers.
We have over 206 years of professional tax experience and we have over 60 years of working directly for the Internal Revenue Service.
At the IRS we worked in positions as agents, managers, and tax instructors. We also taught tax law.
We are experts in FBAR. 1-866-700-1040
All FBAR consultations are conducted by a tax attorney so he can not only answer your tax questions and how it relates to you but you are protected under attorney-client privilege
Who has to file for FBAR 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.
Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.
Recent FBAR Guidance
On February 24, 2011, the Treasury Department published final regs amending the FBAR regulations.
These regulations became effective March 28, 2011, and apply to FBARs required to be filed with respect to foreign financial accounts maintained in calendar year 2010, and for FBARs required to be filed with respect to all subsequent calendar years.
Filing deadline for employees and officers to report
The filing deadline for employees and officers to report signature authority over these accounts was extended to June 30, 2012, for the following individuals:
a. An employee or officer of an entity under 31 CFR § 1010.350(f)(2)(i)-(v) who has signature or other authority over and no financial interest in a foreign financial account of a controlled person of the entity;or
b. An employee or officer of a controlled person of an entity under 31 CFR § 1010.350(f)(2)(i)-(v) who has signature or other authority over and no financial interest in a foreign financial account of the entity, the controlled person, or another controlled person of the entity.
Important note
For purposes of FinCEN Notice 2011-1, a controlled person is a United States or foreign entity more than 50 percent owned (directly or indirectly) by an entity under 31 CFR § 1010.350(f)(2)(i)-(v).
On June 17, 2011, FINCEN issued to provide filing deferral for certain officers or employees of investment advisers registered with the Securities and Exchange Commission who have signature authority over, but no financial interest in, foreign financial accounts of their employer.
The filing deadline for employees and officers to report signature authority over these accounts was similarly extended to June 30, 2012.
All other U.S. persons required to file an FBAR this year are required to meet the June 30, 2013 filing date.
On Jan 9, 2012, the IRS reopened the OVD following continued interest from taxpayers and tax practitioners after the closure of the 2011 and 2009 programs. This program will be open for an indefinite period until otherwise announced.
Who Must File an FBAR
United States persons 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 Requirement
Exceptions to the FBAR reporting requirements can be found in the FBAR instructions. There are 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.
Look to the form’s instructions to determine eligibility for an exception and to review exception requirements.
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.
Checking the appropriate block on FBAR-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.
Please Note
The FBAR is not filed with the filer’s federal income tax return.
The granting, by the IRS, of an extension to file federal income tax returns does not extend the due date for filing an FBAR.
You may not request an extension for filing the FBAR.
Filing FBAR
The FBAR is an annual report and must be received by the Department of the Treasury in Detroit, MI, on or before June 30th of the year following the calendar year being reported. While FinCEN strongly encourages individuals to electronically file FBARs, the form can be mailed to one of the two addresses below, provided that the mailing is received by June 30, 2013:
File by mailing the FBAR to:
United States Department of the Treasury
P.O. Box 32621
Detroit, MI 48232-0621
If an express delivery service is required for a timely filed FBAR, address the parcel to:
IRS Enterprise Computing Center
ATTN: CTR Operations Mail room, 4th Floor
985 Michigan Avenue
Detroit, MI 48226
Delivery messenger service contact telephone number: (313) 234-1062.
Account holders who do not comply with the FBAR reporting requirements may be subject to civil penalties, criminal penalties, or both.
Electronic Filing for FBAR Forms – MANDATORY Beginning July 1, 2013
by Fresh Start Tax | Sep 25, 2012 | FBAR, IRS Tax Problem, Representation, Tax Lawyer
We are a World Wide Tax Firm specializing in FBAR, Offshore and Overseas IRS tax issues, tax resolution and IRS negotiation.
We have a number of current clients in China and are familiar with the tax issues and concerns of those U.S. citizens living in China and the surrounding areas.
The long hand of the US Government including the IRS is reaching into the pockets of those taxpayers world wide including those living in China required to pay taxes on foreign earnings.
Over the past 3 years the IRS has collected over $5 billion dollars from 33,000 taxpayers who have come forward to report earnings from overseas accounts.
The IRS knows this is just the tip of the iceberg and with the hiring many new Revenue Agents, the IRS will be on the hunt for more tax dollars, and yes be sure, IRS can always hold over the heads of taxpayers the fear of a criminal tribunal and prison sentences.
Most taxpayers will have little to fear, but for those who have civil and or criminal problems we are here to help file and report.
We can help answer any questions you may have regarding any civil or potential criminal tax matters of issues.
Who is required to File and Report – FBAR
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). Call us for any questions. 1-866-700-1040.
The FBAR is required because foreign banks as well as financial institutions may not be subject to the same reporting requirements as domestic financial institutions. you must check with each country and institution.
The FBAR is a tool to help the Internal Revenue Service and the United States government identify persons who may be using foreign financial accounts or financial institutions to evade United States Law.
Tax Investigators such as IRS Revenue Agents and Criminal Investigators use FBARs to help identify or trace funds used for illicit purposes such as concealment, terrorism, drug dealings etc to identify unreported income maintained or generated abroad.
Why should taxpayers make a voluntary disclosure.
Taxpayers with undisclosed foreign accounts in financial institutions or entities should make a voluntary disclosure because it is the law and that enables them to become compliant, avoid substantial civil penalties and generally eliminate the risk of criminal prosecution which is tremendous leverage..
Making a” voluntary disclosure” to the US Government also provides the opportunity to calculate, with a reasonable degree of certainty, the total cost of resolving all offshore tax issues including penalties and interest.
Taxpayers who do not submit a voluntary disclosure ( VD ) run the risk of detection by the IRS and the imposition of substantial penalties, including the fraud penalty and foreign information return penalties, and an increased risk of criminal prosecution.
The IRS remains actively engaged in rooting out the identities of those with undisclosed foreign accounts. Moreover, increasingly this information is available to the IRS under tax treaties, through submissions by whistle blowers, and will become more available as the Foreign Account Tax Compliance Act (FATCA) and Foreign Financial Asset Reporting very become effective.
Each taxpayers situation is unique different. There are no two cases the same. You should seek professional representation in dealing with these issues. Call us today and speak to us under attorney-client privileged. We are affordable, friendly and trustworthy
CHINA, FBAR Filing, Reporting , U.S. Tax Attorneys, Former IRS, FBAR Experts , Civil & Criminal, Affordable, FBAR Tax Experts
by Fresh Start Tax | Jul 27, 2012 | FBAR, Tax Lawyer, Tax Returns, Uncategorized
If you need professional tax help for the FBAR filing or FBAR Reporting on current, late or past due FBAR’s contact our office for a free tax consultation. 1-866-700-1040.
Call our team of Tax Attorneys, CPA’s and Former IRS Agents. We have over 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service.
We taught Tax Law at the IRS. We know all the tax techniques because we taught them at the IRS as Former IRS agents.
Do not be worried or fearful of the IRS. Hire the right Tax Firm and free yourself up from worry or undue stress.
You need to pull the trigger and take care of these matters before any IRS contact.
The IRS began an open-ended offshore voluntary disclosure program (OVDP) in January 2012 on the heels of strong interest in the 2011 and 2009 programs.
The IRS is offering people with undisclosed income from offshore accounts another opportunity to get current with their tax returns. The 2012 OVDP has a higher penalty rate than the previous program but offers clear benefits to encourage taxpayers to disclose foreign accounts now rather than risk detection by the IRS and possible criminal prosecution.
If you file your FBAR form before IRS contacts you, will have no worries. IRS wants voluntary disclosure.
Amending a Filed FBAR
The following instructions may be given to anyone who needs to file an amended FBAR. To amend a previously filed FBAR:
Write “Amended” at the top of a new form. I recommend writing it in read to draw attention to the reviewer. Make sure the writing is not blending in to the form. Make it clear and obvious.
Add/correct the information about the account.
Staple it to a copy of the original form.
Mail the amended FBAR to the filing address shown on the form
Department of the Treasury
Post Office Box 32621, Detroit, MI 48232-0621.
Need FBAR Filing Verification
Filed FBARs are entered onto the Detroit Computing Center’s Currency and Banking Retrieval System (CBRS) database.
Filing can be checked by IRS personnel with CBRS passwords.
Filers can request verification of the FBARs that they filed 60 days after the date of filing. A request for verification of FBAR filing must be made in writing and should include the filer’s name, Taxpayer Identification Number, and filing period.
There is a $5.00 fee for verifying five or fewer forms and a $1.00 fee for each additional form. If copies are needed, the additional fee is $0.15 per copy.
Checks or money orders should be made payable to the United States Treasury. The payment should be mailed to:
IRS Detroit Computing Center,
P.O. Box 32063, Detroit, MI 48232 Attn.: Verification
by Fresh Start Tax | Jul 27, 2012 | FBAR, Representation, Tax Lawyer
We are a professional tax firm located in South Florida. We have serviced the South Florida Area since 1982. We are tax experts in IRS Tax Representation.
Call for a no cost professional tax consult. 954-492-0088
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We handle all criminal and civil IRS cases. Once we recognize and analysis the scope of your situation your case is assigned to a tax expert in that field.
Conversation may be privileged by request. Make sure you find IRS before they find you!
Latest News on FBAR and South Florida
A South Florida man has been sentenced to four months in federal prison after pleading guilty to failing to report accounts ( FBAR ) at Swiss bank UBS AG.
A Miami judge imposed the sentence on 62-year-old Luis Quintero of Miami Beach.
Luis Quintero also must pay a $2 million Civil Penalty and was fined by the courts for an additional $20,000.
A review of the Court Documents finds Luis Quintero formed companies in the British Virgin Islands and Panama that were used to open the UBS accounts.
The accounts had more than $4 million in them.
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- Our staff has collectively over 205 years of Professional IRS Tax Representation Experience
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FBAR – Tax Attorneys, Tax Lawyers – FBAR Experts – Miami, Ft. Lauderdale, West Palm Beach – Criminal & Civil Tax Representation
by Fresh Start Tax | Jul 27, 2012 | FBAR, Tax Lawyer
The very last thing you want in your life is an IRS Criminal Investigation. The reality is that few persons have to go through that nightmare however, if you do not file the US Government Reports concerning FBAR, your chance will definitely go up.
We are a tax specialty firm with an expertise in all IRS matters. We handle both Criminal and Civil tax matters. Call us today for a no cost consult. 1-866-700-1040.
Let us take away your fear or worry today.
We taught TAX LAW at the IRS. You can speak directly to professionals that know the system.
While this blog is not written to scare anyone you should be advised that the IRS has just received another $500 Billion to go after tax cheats ( next year alone ) and much of that money will be focused on FBAR, Expatriates, Unfiled Tax Returns and Overseas monies not reported to the IRS.
Living in Pakistan will not shelter you from the IRS.
Over the last three years over 33,000 persons came forward and voluntarily filed FBAR’s . Many from Pakistan.
As a result of those voluntary disclosures the IRS collected $5.5 Billion. The IRS will not stop. The fear of criminal prosecution looms over taxpayers if FBARs are not filed.
The IRS is currently training many new Revenue Agents and are pouring more money into their CADE computer system to run down tax criminals.
While many persons living overseas have nothing to worry about many persons do. The IRS will catch up eventually. Find the IRS before they find you.
We are here to offer a free tax consultation to keep you out of jail and avoid paying as much tax as possible. We can reduce your tax debt by knowing the Law.
Call us today for a no cost tax consult. We are an International Tax Firm. If you live in Pakistan feel free to SKYPE us.
You will speak directly to tax attorneys, tax lawyers or Former IRS agents.
Call, 1-866-700-1040
