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Filing Your FBAR: Should You File or Not?

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Washington, DC 20036

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US International Tax Advisors

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McLean, VA 22102

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Chevy Chase, MD 20815

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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?

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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:

  1. The person has signature authority or financial interest over at least one financial account outside of the US.
  2. 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!

Filing Your FBAR: Should You File or Not? was last modified: August 10th, 2015 by US International Tax Advisors
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About Us

US International Tax Advisors provide expert tax advice and services to clients in the Metro DC area, across the United States and throughout the world. Our advisors have deep expertise in international tax compliance, litigation & investigations, international business consulting and information storage services.

Our understanding of complex tax laws and reporting regulations around the globe make US International Tax Advisors the preferred choice for clients who want guidance and direction that is specific to their needs.

Our team of attorneys, CPAs and financial professionals counsel individuals, trusts, estates and companies on issues related to international tax compliance, FBAR, FATCA, IRS voluntary disclosure and amnesty programs. We serve clients both in the United States and overseas, including foreign nationals residing in the U.S. and American citizens working or residing in other countries.

Our Services

  • Home
  • International Tax Compliance
  • Foreign Bank Account Reporting (FBAR)
  • Foreign Account Tax Compliance Act (FATCA)
  • IRS Voluntary Disclosure
  • 2014 Amnesty Program
  • Litigation & Investigations
  • International Business Consulting
  • Information Storage Services
  • Contact Us
  • Blog

Locations

US International Tax Advisors
1602 L Street, NW, Suite 401 
Washington, DC 20036

(844) 796-8565

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