FBAR and FATCA Processing

The Foreign Bank Account Report, or FBAR, is a filing requirement for U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, must fill out if they have more than $10,000 in bank accounts outside of the United States at any time during the year. The enforcement has intensified over recent years as these days, increased its focus towards retrieving taxes from US citizens’ money and their investments in abroad.

The FBAR (form 114) FinCEN Form 114 must be filed online while keeping the following information relating to the declared accounts for six years following filing:

  1. The account numbers
  2. The name on each account
  3. The types of account.
  4. The name and address of the foreign institution (/s) where the accounts are held.
  5. The maximum value of each account during the relevant tax year.

As the federal government increasingly looks for foreign tax evasion, it is more important for tax practitioners to make sure clients are in compliance with the filing requirements of FinCEN Form 114, Report of Foreign Bank and Financial Accounts.

Individuals who are required to file FBARs need expert advice to ensure proper compliance not only with the FBAR filing requirements but possibly with other reporting requirements such as the Foreign Account Tax Compliance Act (FATCA), P.L. 111-147. FATCA requires filing Form 8938, Statement of Specified Foreign Financial Assets, with the federal income tax return, a separate requirement from the FBAR filing.

HOW CAN TAXBOOKS HELP WITH FBAR
We provide complete insight into the tax complexities that applies to Resident Individuals in the United States, including Green Card Holders and US Citizens. We also assist its customers with:

  1. Total compliance
  2. Consultation and Impact Analysis
  3. Foreign Tax Credit
  4. The name and address of the foreign institution (/s) where the accounts are held.
  5. Preparation of Tax Amendments and Delinquent FBAR
  6. IRS Representation
Last but not the least, all this for a fraction of cost charged by other firms.