Be sure to bookmark our new URL, https://bas.cpa
BAS Certified Public Accountant Firm assists multinational clients, U.S. individuals and businesses to professionally meet their Foreign Bank and Financial Accounts (FBAR) reporting 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) must annually file a Foreign Bank and Financial Accounts Report (FBAR) under either of the following conditions:
Failing to properly and timely file reports of foreign bank and foreign financial accounts results in steep penalties. In some cases, U.S. courts have imposed a penalty equal to 50% of the highest account balance for "each account for every year" that the account(s) remained open during the required reporting period.
Whether the account(s) 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 FBAR preparation and filing needs.
Tel: (571) 495-2BAS | (571) 495-2227