FBAR
FOREIGN BANK ACCOUNT REPORTING SERVICES
We will get your foreign bank account filed & reported accurately & on time.
Do you need to file an FBAR?
If you are an American citizen with at least one financial bank account located internationally and those account(s) had a combined value of $10,000 then you are required to file the FBAR.
To give you an example, if you were an American citizen with a foreign checking account containing $5,500 and a foreign savings account with $5,000 you would be required to file an FBAR as this amount exceeds the $10,000 minimum.
Overall most bank accounts located internationally fall under this jurisdiction, however, there are a few exceptions to this rule.
When do you need to file your FBAR?
Your Foreign Bank Account Report is due April 15 for the previous calendar year and you are allowed an extension to October 15th. Luckily, even if you miss the date you have until the extension without reason or cause.
Can I submit my FBAR with my Tax Return?
Simply put, no. The FBAR is a separate report or form that is filed with the Treasury directly. This required separate paperwork, addresses, and overall process to complete.
Failure to submit FBAR penalties
There are a number of violations and penalties that can be issued so it is of the utmost importance to make sure that your FBAR is submitted correctly and on tim
Currently, the fines can range from as little as $1,118 all the way up to $86,976 if you are a repeat offended and violator.
How do I file my FBAR?
You can file your FBAR electronically through the Financial Crimes Enforcement Networks E-filing system, not with your tax return.
It is also possible to file a paper copy but need an exception request for this process.
We recommend hiring a professional to help you file and to do this you can give authorization to that professional to file for your account.
Filing your FBAR with Zisman Tax
We understand firsthand that working and living internationally can be both an adventure and a challenge, especially in dealing with paperwork and taxes in two different countries.
That’s why we want to help you make the most of a tricky situation. Not only getting all of your forms, paperwork, and other documents in order but helping you to reduce that expat tax liability as much as possible. In the end, you’ll be able to rest easy knowing that your FBAR burden is truly taken care of.
Have Questions? Contact us and let us show you how our expertise can save you in the long run.
