Foreign Bank Account Reporting (FBAR)
For effective and targeted assistance with foreign bank account reporting, turn to US International Tax Advisors. We can work with you to resolve past filing issues and ensure tax compliance going forward.
Reporting of foreign financial accounts and assets is becoming the focus of intense IRS scrutiny. U.S. taxpayers are required to file a Report of Foreign Bank and Financial Accounts (FBAR) each year if they have a financial interest in any financial account, including bank, securities or other types of financial accounts, in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year. Additional reporting is required for other specified foreign financial assets such as:
- Any financial account, including certain retirement and insurance plans, maintained by a foreign financial institution, and
- To the extent held for investment and not held in a financial account, any stock or securities issued by someone that is not a U.S. person, any interest in a foreign entity, and any financial instrument or contract with an issuer or counterparty that is not a U.S. person.
In addition, U.S.-based businesses that have control over a foreign subsidiary may also be required to file a FBAR or other disclosure documents on an annual basis.
U.S. taxpayers that have erroneously or willingly not disclosed such information to the governing agencies for all applicable years may be subject to stiff penalties. Depending on the facts and circumstances, you may be subject to a penalty equal to 50% of the highest account balance during the six years under statute.
As a foreign bank account consultant in Chevy Chase, MD, we can assist you with reporting and amnesty programs. We serve individuals and businesses in Annapolis, Chevy Chase, Bethesda, Reston, Tysons or anywhere in the metropolitan Washington, DC area, as well as across Maryland and Virginia.
Call Us Now for Help with Foreign Bank Accounting Reporting
US International Tax Advisors can assist you in all areas of international tax compliance, including foreign bank account reporting and consulting.
If you are facing an international tax issue, you need to talk to a tax expert. Call US International Tax Advisors at (844) 796-8565. Or simply complete our convenient online contact form to begin the process of resolving even the toughest tax compliance issue.