Be sure to bookmark our firm's URL, https://bascpa.com
Be sure to bookmark our firm's URL, https://bascpa.com
Our CPA firm assists U.S. individuals, multinational clients and businesses to professionally meet their Foreign Bank and Financial Accounts Reporting (FBAR) obligations in accordance with U.S. Treasury Department Financial Crimes and Enforcement Network regulations.
Under the Bank Secrecy Act and U.S. Treasury Department Financial Crimes and Enforcement Network regulations, individuals and entities (including U.S. citizens, residents, corporations, business partnerships, limited liability companies, trusts and estates) with financial interest in or signature or other authority over at least one financial account located outside the United States are required to file annual Foreign Bank and Financial Accounts Reports (FBAR).
Failing to properly and timely file reports of foreign bank and foreign financial accounts results in steep penalties, which in some cases have been as high as 50% of the highest account balance for "each account for every year" that the account(s) remained open during the required reporting period.
Whether a foreign account produced taxable income has no effect on whether the account must be reported as a “foreign financial account” for FBAR purposes. Having foreign investments or pensions may also trigger legal requirements for annual FBAR filing.
The most common reporting mistake is failing to file an FBAR.
In many cases, Americans living and working outside the U.S., recent immigrants, foreign citizens who are residents in the U.S., and U.S. children who received gifts or bequests from their foreign parents are often unaware of the FBAR filing obligations. However, unknowingly failing to file FBARs does not shield someone from the U.S. Treasury Department's Financial Crimes and Enforcement Network regulations and potential penalties.
Contact us today for assistance with your annual FBAR preparation and filing needs.
Tel: (571) 495-2BAS | (571) 495-2227
Protect yourself and your foreign assets with professional Foreign Bank and Foreign Accounts (FBAR) preparation and filing assistance.
19465 Deerfield Ave., Suite 102, Lansdowne Virginia 20176, United States
Open today | 09:00 am – 05:00 pm |
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