Do you have any foreign financial accounts, such bank accounts, mutual funds, trusts or brokerage accounts? Do these assets exceed certain thresholds? Did you miss filing your FBAR requirements because you were unsure if you needed to file or not?
The Bank Secrecy Act may require you to report these accounts yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network 114: Report of Foreign Bank and Financial Accounts (FBAR). US International Tax Advisors are professionals with foreign bank account reporting experience serving customers in Richmond, VA, Northern, VA as well as Maryland and the Metro DC area and can help you determine if you need to file or not.
Who Needs To File?
According to the Internal Revenue Service, United States persons need to file an FBAR if:
- The person has signature authority or financial interest over at least one financial account outside of the US.
- The value of these assets exceeds $10,000 at any time during the calendar year reported.
United States persons refer to citizens, residents, and entities, such as corporations, partnerships, and limited liability companies.
What Are The Exceptions?
- The foreign financial accounts are owned by spouses jointly
- United States persons included in a consolidated FBAR
- Nostro/Correspondent accounts
- Beneficiaries and owners of US IRAs
- Foreign financial accounts are maintained on a US military banking facility
- Beneficiaries of tax-qualified retirement plans
- Foreign financial accounts owned by an international financial institution
- Foreign financial accounts owned by a government entity
Who Do You Call For Assistance?
If you need help in filing your FBAR, you can get in touch with US International Tax Advisors for your foreign bank account reporting needs in Annapolis, MD and surrounding areas across Maryland, Virginia and the District of Columbia. Our consultants will provide you with the necessary assistance on reporting and amnesty programs. We assist individuals and businesses in all areas of international tax compliance.
Make sure you comply with the IRS and the Bank Secrecy Act by filing your FBAR promptly. Learn more about the FBAR by giving US International Tax Advisors a call today!